Roth Capital Cuts Price Target on BioLineRx (BLRX) to $7 Following Data Results

Roth Capital reiterated a Buy rating on BioLineRx (NASDAQ: BLRX), and cut the price target to $7.00 (from $10.50), ahead of data results. BLRX partner, Bellerophon (BLPH-NC) announced that PRESERVATION I missed endpoints in heart failure patients.

Analyst Joseph Pantginis commented: The BLPH news is disappointing relative to expectations, though was a high-risk study. Though pivotal in nature we only assigned a 30% chance of success to the program. We are removing BL-1040 from our projections. With that said, BL-8040 remains the key focus and value driver for BioLineRx with major upcoming catalysts. Regarding '8040, BLRX expects to initiate the PhIIb in AML consolidation soon in Germany. The two other studies (Flt3-ITD AML, MDS and AA) are expected to follow. Topline data from the PhII study in r/r AML are expected in 4Q15.

Following the SC mobilization study with '8040, the company will request a Type B meeting with FDA and anticipates to begin its Phase II in early 2016. Recall in March 2015 the company announced topline data from the Phase I study in healthy volunteers. The study met all safety and efficacy endpoints. This was a two part study in which the first part was a randomized, double-blind, placebo-controlled dose-escalation, repeated dose study with three cohorts of eight patients each receiving single agent BL-8040. This part assessed safety and tolerability and informed the dose for part two. The second part was an open-label, single cohort study with eight patients receiving single-agent BL-8040. This part assessed SC mobilization capacity, yield, functionality and viability following collection.

We believe these data represent important proof of concept demonstrating BL-8040's efficacy in mobilizing SC as well as its differentiating characteristics from current SC mobilization procedure with G-CSF and Mozobil.

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

Shares of BioLineRx closed at $2.12 yesterday.

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