Bioline RX Ltd (BLRX) Shares Tumble on Announcement of Underwritten Public Offering


Bioline RX Ltd (NASDAQ:BLRX) investors are heading for the hills after the the drug maker announced that it has commenced an underwritten public offering of American Depositary Shares (ADSs), each representing one (1) of its ordinary shares. All of the ADSs in the offering are to be sold by BioLineRx.

The public offering would dilute shareholders’ investments, and as such Bioline shares are dropping nearly 13% to $0.99 in after-hours trading. BLRX has a 1-year high of $1.42 and a 1-year low of $0.71. The stock’s 50-day moving average is $1.15 and its 200-day moving average is $1.05.

On the ratings front, Biolinerx has been the subject of a number of recent research reports. In a report issued on March 20, Maxim analyst Jason Kolbert reiterated a Hold rating on BLRX, with a price target of $1.00. On February 23, H.C. Wainwright’s Joseph Pantginis reiterated a Buy rating on the stock and has a price target of $3.00.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Joseph Pantginis have a yearly average loss of -10.7% and -16.2% respectively. Kolbert has a success rate of 33% and is ranked #4489 out of 4555 analysts, while Pantginis has a success rate of 32% and is ranked #4494.

BioLineRx Ltd. is a clinical-stage biopharmaceutical company, which includes indentifying, in-licensing, and developing therapeutic candidates. Its in-licenses novel compounds, primarily from academic institutions and biotech companies based in Israel, and develops them through pre-clinical and clinical stages, and then partners with pharmaceutical companies clinical development and commercialization.

 

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts