Maxim lowers BioLineRx PT to $2 from $3

target-price_3.jpg

Maxim Group reduced its price target for BioLineRx (NASDAQ:BLRX) to $2 from $3 after the company reported fourth quarter results. The stock was quoted at $1 in afternoon trading on March 6.

BioLineRx, which focuses on oncology and immunology, ended the quarter with $50-million in cash on the balance sheet, which is sufficient runway into late 2019, with a burn rate of $6-million to $7-million a quarter, writes analyst Jason McCarthy.

“We expect to see several early-stage data points over the next 12 months, primarily in the immune oncology studies with BL-8040 and checkpoints,” he said.

“However, while BL-8040 is now in a pivotal Phase 3 program for stem cell mobilization, which we see as a significant driver of the company, data is likely a 2020 event,” he added.

As a result, Mr. McCarthy has pushed commercialization in this indication back to 2022 from 2020, which reduces his price target.