In a report released today, Kevin Degeeter from Oppenheimer reiterated a Buy rating on BioTime (BTX), with a price target of $3.50. The company’s shares opened today at $0.97, close to its 52-week low of $0.66.
Degeeter said:
“On 1/29, OncoCyte resented compelling clinical data from its DetermaVu lung cancer screening test demonstrating: 1) 75% specificity that may reduce the number of unnecessary lung biopsies associated with lung cancer screening by three-fourths, 2) results generated without contribution from clinical variables such as nodule size, and 3) plans to complete an additional validation study to support launch in 2H19. BTX is the largest shareholder of OCX with 14.6 million shares, or 36% of outstanding common stock. We continue to view OCX as an important non-core asset to potentially be monetized over the next 12-24 months. Presentation of Phase II OpRegen data at the Ophthalmology (ARVO) meeting 2 sets up as the next clinical catalyst.”
According to TipRanks.com, Degeeter is a 4-star analyst with an average return of 14.5% and a 45.3% success rate. Degeeter covers the Healthcare sector, focusing on stocks such as Catalyst Biosciences Inc, Molecular Templates Inc, and Neon Therapeutics Inc.
BioTime has an analyst consensus of Moderate Buy, with a price target consensus of $3.25, which is a 235.1% upside from current levels. In a report issued on January 24, Maxim Group also initiated coverage with a Buy rating on the stock with a $3 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.
