Maxim Group Keeps ADMA Biologics (ADMA) at 'Buy' Following RI-002 BLA Submission; Sees Approval in Q316

Maxim Group affirms its Buy rating and $24 price target on ADMA Biologics, Inc. (Nasdaq: ADMA) following earlier news that the company submitted its Biologics License Application (BLA) to the United States Food and Drug Administration (FDA), seeking marketing authorization for RI-002.

Analyst Jason McCarthy, Ph.D, issued the following commentary on today's news:

• The total review process should take 12 months, thus we expect approval by early 3Q16 with commercial launch shortly after. Additionally, ADMA has recently acquired key patents around RI-002, which means longer patent protection during the commercial stage.
• For several months ADMA has been busy transitioning from a development stage company to a commercial entity, including strengthening the balance sheet ($28M in cash) to prepare for launch and the opening of a second plasma collection center.
• Recall that RI-002 is the only IVIg product manufactured at scale to specifically incorporate defined high titers of pathogen-specific antibodies, critical for patients with compromised immunity (i.e. PIDDs). In our opinion this should drive premium pricing over standard IVIg. Combined, we believe that ADMA is undervalued today given the market opportunity in IVIg, and a product in RI-002 likely gaining approval.

For an analyst ratings summary and ratings history on ADMA Biologics click here. For more ratings news on ADMA Biologics click here.

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