Maxim Group analyst Jason McCarthy maintained a Buy rating on ADMA Biologics (ADMA) today and set a price target of $12. The company’s shares opened today at $2.75, close to its 52-week low of $2.19.
McCarthy wrote:
“ADMA received a Complete Response Letter (CRL) from the FDA for Bivigam’s drug substance Prior Approval Supplement (PAS, not drug product PAS though). Shares are down (~45%). ADMA held a conference call to discuss the CRL…key takeaways: ○ The Bivigam CRL is in a word, a bit ‘confusing’. The CRL pertains to the drug substance PAS, meaning the manufactured biologic, not the fill, finish and final release (drug product PAS) which is carried out by third parties and testing facilities (also service RI-002). ○ What is the FDA asking?..Timing? The FDA had additional questions seemingly related to documentation (batch info, SOP, etc.), specifically CMC, not clinical trial data. Management views this as an info request, much of which, ADMA stated is in the submitted PAS documents already.”
According to TipRanks.com, McCarthy is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -13.0% and a 21.6% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, ContraVir Pharmaceuticals Inc, and Sonoma Pharmaceuticals Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for ADMA Biologics with a $12.20 average price target, implying a 343.6% upside from current levels. In a report issued on December 17, WBB Securities also initiated coverage with a Buy rating on the stock with a $9 price target.
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Based on ADMA Biologics’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $15.14 million. In comparison, last year the company had a GAAP net loss of $15.2 million.
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ADMA Biologics, Inc. is a biopharmaceutical company. It develops, manufactures, and intends to commercialize in human plasma and plasma-derived therapeutics. It operates through the following business segments: ADMA BioManufacturing, Plasma Collection Center, and Corporate.
