Roth Remains Positive on BioLineRx (BLRX) Following Q2 Report, CEO Succession
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Roth Capital affirms BioLineRx (Nasdaq: BLRX) at Buy with a price target of $7 following Q2 results and appointment of a new CEO, as announced early Thursday.
Analyst Joseph Pantginis commented,
The company has several important catalysts slated by year-end, which should be able to address the recent Nasdaq de-listing notice (January 2017 deadline). From a data standpoint, BL-8040 remains the lead value driver with 1) full data from the Phase IIa in r/rAML in September 2016 at SOHO and 2) partial data from the ongoing Phase II in stem cell mobilization by year-end (full data by end of 2017).
The BL-8040 program in pancreatic cancer program will also get running this quarter, first with the Phase IIa combo with Merck's (NYSE: MRK) Keytruda and then an IST with MDAnderson in a Phase IIa by year-end. Beyond response rates, key assessments will include changes in the tumor microenvironment, especially impact on infiltrating Tcells. Omega is continuing to launch BL-5010 in different geographies and BLRX projects $2-4 million royalty potential at peak. A second OTC indication is also in development with ~the same royalty potential. The company will be starting the regulatory process for BL-7010 as a GRAS food additive for gluten sensitivity.
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