Monday, May 22, 2017 2:45:27 PM
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
Recent BLRX News
- BioLineRx Launches 'Mobilization Matters': A Digital Resource for People with Multiple Myeloma Preparing for Stem Cell Collection • PR Newswire (US) • 09/17/2024 05:01:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/19/2024 08:30:18 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/15/2024 11:06:39 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/18/2024 08:05:49 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/30/2024 11:16:29 AM
- U.S. Futures Present Mixed Pre-Market Performance, Oil Prices Surge • IH Market News • 05/28/2024 11:31:04 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/28/2024 11:11:36 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/24/2024 11:05:21 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/17/2024 09:07:36 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/06/2024 11:14:18 AM
- BioLineRx Announces Poster Presentation on Apheresis Center Efficiency and CXCR4 Antagonists including APHEXDA® (motixafortide) in Patients with Multiple Myeloma at the ASFA 2024 Annual Meeting • PR Newswire (US) • 04/17/2024 11:00:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 03/04/2024 12:47:21 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/28/2024 12:08:12 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/16/2024 12:07:06 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 01/08/2024 05:15:22 AM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 12/29/2023 09:20:42 PM
- Form F-3 - Registration statement by foreign private issuers • Edgar (US Regulatory) • 12/29/2023 09:15:45 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/21/2023 12:05:53 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/12/2023 12:07:30 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/20/2023 12:03:18 PM
- Monday’s Wall Street Highlights: GM, Microsoft, Citigroup, Amazon, and more • IH Market News • 11/20/2023 11:25:08 AM
- BioLineRx a conclu un accord de licence exclusive pour le motixafortide en Asie, sous les conseils de MSQ Ventures • PR Newswire (Canada) • 11/01/2023 11:43:00 AM
- BioLineRx entered Exclusive License Agreement to Motixafortide in Asia, advisored by M.S.Q. Ventures • PR Newswire (Canada) • 10/31/2023 01:00:00 PM
- BioLineRx entered Exclusive License Agreement to Motixafortide in Asia, advisored by M.S.Q. Ventures • PR Newswire (US) • 10/31/2023 01:00:00 PM
- Form SC 13D - General statement of acquisition of beneficial ownership • Edgar (US Regulatory) • 10/26/2023 06:18:00 PM
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