BTIG starts Oxford Immunotec at buy


BTIG initiated coverage of Oxford Immunotec Global (NASDAQ:OXFD) with a “buy” rating and $21 price target. The stock closed at $16.76 on Sept. 27.

Oxford already has a successful product - TSPOT.TB test, which is used to test for tuberculosis infection - nearing the $100-million revenue mark, with significant headroom for growth, writes analyst Sung Ji Nam.

“Aided by a pair of tuck-in acquisitions in 2016, we believe Oxford has further strengthened its product portfolio with another compelling market opportunity in a relatively-underserved market of tick-borne (including Lyme) disease diagnostics,” she added.

In addition, Ms. Nam said Oxford has many shots on goal with its near-commercial pipeline of products in transfusion / transplant diagnostics, any of which could provide upside to current Street estimates.

“With its adjusted EBITDA profitability on the near-to medium-term time horizon (we estimate the second half of 2019), we see Oxford having reached a new milestone as a multiple products company,” she added.