Oppenheimer analyst Mark Breidenbach initiated coverage with a Buy rating on VolitionRX (NYSE: VNRX) today and set a price target of $7. The company’s shares closed yesterday at $2.24.
Breidenbach said:
“VolitionRx is closing in on a blood-based diagnostic for colorectal cancer (CRC) that could help address critical gaps in screening compliance. Despite the availability of effective methods to detect the cancer at its earliest and most treatable stages, approximately one in three adults forgo recommended screening procedures. Due to its non-invasive nature, we believe VolutionRx’s blood-based diagnostic could improve screening compliance, and the company’s innovative Nu.Q platform has generated compelling early data in CRC. The next 12 months should be transformational for the company, which is conducting a large (12,000+ sample) validation study of its CRC screening product to support a potential EU commercial launch in 2019. We initiate coverage of VRNX with an Outperform rating and a $7 PT.”
According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 18.5% and a 46.4% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Global Blood Therapeutics, and Sorrento Therapeutics.
Currently, the analyst consensus on VolitionRX is Moderate Buy and the average price target is $8, representing a 257.1% upside.
In a report issued on May 16, Maxim Group also initiated coverage with a Buy rating on the stock with a $6 price target.
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Based on VolitionRX’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $4.06 million. In comparison, last year the company had a GAAP net loss of $3.35 million.
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VolitionRX Ltd. engages in the development of blood-based cancer tests. Its product Nu.Q is a colorectal cancer screening triage test. The company was founded on August 5, 2010 and is headquartered in Singapore.
