Chardan Capital Markets Starts Caladrius Biosciences (CLBS) at Buy, $6.50 PT
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Chardan Capital Markets initiates coverage on Caladrius Biosciences (NASDAQ: CLBS) with a Buy rating and a price target of $6.50.
Analyst Keay Nakae commented, "We believe that Caladrius is an intriguing microcap story that warrants a fresh look by investors. In early 2015, a new CEO, Dave Mazzo took over the Company, and began to implement changes to support a new strategy. The company’s primary focus now is to grow its PCT (Progenitor Cell Therapy) business, which provides cell therapy process development, optimization and manufacturing services, as a contract manufacture. The company has also significantly curtailed the development of its own cell therapy initiatives in order to reduce its cash burn. The company is now investing capital to bring its manufacturing facility in Allendale NJ up to commercial launch quality. We believe that Caladrius has the potential to establish an important position as on of the preferred contract manufactures for companies developing patient specific cell therapies. The next inflection point for this initiative will occur within the next 18 months, if Management is able to secure a commercial scale manufacturing contract with one of its existing customers."
Shares of Caladrius Biosciences closed at $5.42 yesterday.
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