BioLineRx's (BLRX) BL-8040's Phase 2 Data is Encouraging; Roth Affirms at 'Buy'

Roth Capital affirmed BioLineRx (NASDAQ: BLRX) with a Buy rating and $7 price target after the company announced positive top-line results from BL-8040's Phase 2 clinical trial in relapsed or refractory acute myeloid leukemia (r/r AML).

Analyst Joseph Pantginis commented, We are encouraged by the consistency of the response rate data, as well as the identification of a potential biomarker. We would project that the company would target full data release at ASCO or EHA in June. We believe these data will continue to build the momentum behind the BL-8040 program with ongoing and planned studies (outlined below). We also look to increasing focus on BL-8040 for stem cell mobilization. Also coming off the heels of positive data in 2015, the company met with the FDA in Oct. 2015 regarding its stem cell mobilization data and is expected to start Phase II study in the next few weeks.

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