Maxim Group Starts BioCardiAa (BCDA) at Buy

Maxim Group analyst Jason McCarthy initiates coverage on BioCardiAa (NASDAQ: BCDA) with a Buy rating and a price target of $9.00.

1. We are initiating coverage of BioCardia with a Buy rating and $9 PT. BioCardia is developing two cell therapy assets for the treatment of heart failure (HF): CardiAMP (autologous cell therapy, P3 in ischemic HF ongoing, P3-ready in chronic myocardial ischemia), and CardiALLO (allogeneic cell therapy, pre-IND in ischemic HF).
2. CardiAMP- The P3 trial in ischemic heart failure is enrolling. Roll-in data from first N=10 was positive across several measures (6MWD, QoL, LVEF, and safety), as was the 9/16 interim DSMB analysis; topline data in 2021. A second P3 in chronic myocardial ischemia is expected to initiate in 2020 as well.
3. CardiALLO- Data from prior studies using allogeneic cells demonstrated similar efficacy to autologous. An IND has been submitted for CardiALLO with a P1/2 expected to start in 2020.
4. Conclusion. Cell therapy companies, particularly on the regenerative medicine side, have lagged in terms of valuation behind other therapies like CAR-T in oncology. With multiple companies, including BioCardia in the later stages of development in regen-med, we believe the space is poised for inflection. From a BioCardia perspective, we see a pivotal stage company with catalysts ahead and a compelling valuation

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

Shares of BioCardiAa closed at $3.36 yesterday.

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