HCW assumes coverage of Caladrius Biosciences at buy; PT $18.50

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H.C. Wainwright analyst Joseph Pantginis assumed coverage of Caladrius Biosciences (NASDAQ:CLBS) with a “buy” rating and price target of $18.50. The stock closed at $4.52 on Nov. 19.

Caladrius is developing two technology platforms, with the lead based on CD34+ cells’ role in ischemic repair. These cells are activated in an injury, such as heart attack or critical limb ischemia, and are the body's way of helping the healing process.

Mr. Pantginis said the company is well positioned with a strong balance sheet, which management believes provides a cash runway into 2020 and does not take into account projected continued non-dilutive funding.

Caladrius also has three major clinical catalysts, occurring approximately every six months starting in the first half of 2019, which could be “potentially transformational for the company,” he added.

These catalysts include Phase 2 top-line data from CLBS03 in the first half of 2019; Phase 2 top-line data from CLBS14-CMD in the second half of 2019; and Phase 2 top-line data from CLBS12 with critical limb ischemia patients in the first half of 2020.

Mr. Pantginis also said that visibility from the company’s recent Type B meeting with the FDA on the CLBS14-RfA program is another projected catalyst for Caladrius.

Stephen Kilmer