This from Barrons ( is their opinion barren?)
BiolineRX (BLRX: Nasdaq) By Maxim Group ($0.83, May 18, 2017)
Our price target on BiolineRX increases to $3.00 from $1.00, and we are upgrading to Buy from Hold.
Our model for BiolineRX (ticker: BLRX) has been extended to 2027 and assumes that BL-8040 is commercialized in 2020 for stem cell mobilization and for acute myelogenous leukemia (AML) in 2022 (with a partner). A modest royalty is assumed for BL-5010. A 30% discount is applied to the free cash flow, discounted earnings per share and sum-of-the-parts models which are weighted equally.
BiolineRx announced that the company will initiate a Phase 3 program for BL-8040 in stem cell mobilization in second-half 2017. The study likely will enroll 300 multiple myeloma patients undergoing autologous stem cell transplant. The timing for data is 2019; we believe that if positive, BL-8040 could launch in 2020.
The BL-8040 platform continues to make progress across several other indications including the P2b study in acute myeloid leukemia (AML) and combination studies with Keytruda in pancreatic cancer. A combination study with Tecentriq is planned for second-half 2018 as well. Data updates are expected in second-half 2017 and into 2018, which, if positive, represent potential catalysts for the stock.
BiolineRx raised $25 million in capital; the company had $35 million in cash as of year-end 2016. We estimate BiolineRx currently has $56 million of cash on the balance sheet, or an enterprise value of about $30 million.
In our view, BioLine now is closer to being a pivotal company, and given the company's strong balance sheet and multiple clinical milestones, we believe the stock can start to outperform in 2017. We thus upgrade to Buy.
-- Jason Kolbert -- Jason McCarthy -- Gabrielle Zhou
Comments: Email online.editors@barrons.com
