Dawson James starts BioTime at buy; PT $6
Dawson James Securities initiated coverage of BioTime (NYSE American:BTX) with a “buy” rating and $6 price target. The stock closed at $1.16 on Feb. 6.
“We view BioTime as a new company invigorated by a new management team and a focused vision on how to walk forward,” writes analyst Jason Kolbert.
The company has two lead programs: OpRegen for the dry form of age-related macular degeneration (AMD), which has completed a Phase 1/2a study, and OPC1, which is in a Phase 1/2 study for spinal cord injury (SCI), with support from the California Institute for Regenerative Medicine.
Mr. Kolbert said the AMD and SCI programs involve the application of allogeneic cells to treat the disease and acute injury.
“We see the lead product and the performance driver for the company as OpRegen for AMD, as this indication is a multi-billion-dollar market opportunity,” he added.
BioTime also is applying for a European CE mark for its Renevia product, which has been developed for facial lipoatrophy.