Maxim Group analyst Jason McCarthy initiated coverage with a Buy rating on BioTime (BTX) today and set a price target of $3. The company’s shares closed yesterday at $0.92, close to its 52-week low of $0.66.
McCarthy observed:
“We are initiating coverage of Buy rating and $3 price target. BioTime’s Renevia is moving towards approval for HIV-associated lipoatrophy in Europe, but in our view the significant upside in the BTX story is the company’s allogeneic cell therapy OpRegen, which is in development for dry age-related macular degeneration (dry AMD).”
According to TipRanks.com, McCarthy ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -8.0% and a 28.4% 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 Moderate Buy analyst consensus rating for BioTime with a $3.25 average price target.
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Based on BioTime’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $66.73 million. In comparison, last year the company had a GAAP net loss of $71.93 million.
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BioTime, Inc. is a clinical-stage biotechnology company, which deals with degenerative diseases. The company’s programs are based on two core proprietary technology platforms: cell replacement and cell and drug delivery. Its cell replacement platform creates new cells and tissues with its pluripotent and progenitor cell technologies.
