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VolitionRX (VNRX) Receives a Buy from Oppenheimer


In a report released today, Mark Breidenbach from Oppenheimer reiterated a Buy rating on VolitionRX (VNRX), with a price target of $5. The company’s shares closed yesterday at $2.70.

Breidenbach observed:

“Thursday, VolitionRx announced 3Q18 earnings and provided a business update. The company continues its transition from discovery-grade to commercial-grade Nu.Q products, which has delayed development timelines for key programs including its European colorectal cancer (CRC) Nu.Q triage and screening products by ~6 months relative to our previous projections. However, we support management’s decision to defer validation studies until the commercial-grade optimization is completed. As we await the initiation of validation studies, we believe VolitionRx could announce a second indication for its diagnostic platform in 2019, potentially guided by early proof- of-concept data from an ongoing trial in 27 prevalent cancers and endometriosis. We reiterate our Outperform rating, but adjust our PT to $5 (previously $6) to reflect delayed CRC diagnostic development timelines.”

According to TipRanks.com, Breidenbach is a 3-star analyst with an average return of 4.3% and a 40.5% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Global Blood Therapeutics, Sorrento Therapeutics, and Seres Therapeutics.

VolitionRX has an analyst consensus of Moderate Buy, with a price target consensus of $5.50, a 103.7% upside from current levels. In a report released yesterday, Maxim Group also maintained 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 June 30, the company reported a quarterly GAAP net loss of $4.59 million. In comparison, last year the company had a GAAP net loss of $3.89 million.

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VolitionRX Ltd. is a multi-national life sciences company, which engages in the development of blood-based cancer tests to help diagnose a range of cancers. Its products include the Nucleosomics platform that identifies and measures nucleosomes in the bloodstream or other bodily fluid.