BioLineRx Ltd (BLRX)

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BioLineRx Ltd. (BLRX)

Primarily focused on oncology, BioLineRX in-licenses cutting-edge compounds, develops them through clinical stages and then partners with pharmaceutical companies for further clinical development.

Tuesday was a rough day for BioLineRx investors. Shares tumbled nearly 30% following the announcement of an equity offering. The company priced 5,142,859 shares at $1.75 apiece, which was well below the $2.39 per share where the stock had been trading.

Yet, with significant potential catalysts slated for 2020 and a share price of $1.60, several members of the Street believe that now is the time to snap up shares.

In spite of COVID-19, its upcoming data readouts remain on track for this calendar year, including top-line results from the Phase 3 GENESIS trial. The study is looking at its BL-8040 candidate as a stem cell mobilization agent for multiple myeloma patients undergoing autologous transplant, with the trial specifically comparing motixafortide and G-CSF versus G-CSF alone.

With the trial’s patient accrual progressing according to plan and no material protocol deviations witnessed to date, Oppenheimer’s Mark Breidenbach believes the data release, which is slated for 2H20, will be a “large-impact catalyst.”

Expounding on this, the 5-star analyst stated, “Assuming positive data, management would likely engage with a partner to assist with the registrational filing and potential launch of motixafortide in stem cell mobilization... Based on prior data from a lead-in cohort, we remain confident that GENESIS can hit its primary endpoint, which could help attract a strategic collaboration to support commercialization.”

On top of this, motixafortide is being evaluated across several indications, and PFS/OS data from the COMBAT/ KEYNOTE-202 trial in pancreatic cancer is scheduled for a mid-year release, with it aiming to publish interim results from the randomized Blast trial in AML in 2H20.

Additionally, PFS/OS results from the COMBAT/KEYNOTE-202 triplet regimen (motixafortide, pembro and chemo) could be presented at a medical conference early this summer. Breidenbach pointed out, “The triplet previously yielded a 32% ORR and 77% disease control rate as of December 19 data cutoff. If the triplet combination suggests a PFS/ OS benefit, we would expect BioLineRx to seek a strategic partner for continued development.”

To this end, Breidenbach left an Outperform (i.e. Buy) rating and $11 price target on the stock. Based on this target, shares could soar 567% in the next twelve months. (To watch Breidenbach’s track record, click here)

Like Breidenbach, other analysts also take a bullish approach. BLRX’s Strong Buy consensus rating breaks down into 3 Buys and no Holds or Sells. Given the $11.33 average price target, a possible twelve-month gain in the shape of 587% could be on the horizon. (See BioLineRx stock analysis on TipRanks)

https://finance.yahoo.com/news/3-strong-buy-biotech-stocks-134957876.html