Needham & Company Reiterates a 'Buy' on Aastrom Biosciences (ASTM); 2Q11/Early 3Q11 Review - Cell Therapy in the Sun
Tweet
Share
E-mailGet Alerts ASTM Hot Sheet
Price: $2.77 --0%
Rating Summary:
8 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
8 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Needham & Company reiterates a 'Buy' on Aastrom Biosciences (NASDAQ: ASTM) price target of $6.00.
Needham analyst says, "Last night, Aastrom reviewed its 2Q11 results and provided its 2011 outlook. The Company has reached a SPA agreement with the FDA regarding the Phase 3 REVIVE-CLI trial evaluating ixmyelocel-T, an autologous, expanded multi-cellular therapy in no-option CLI patients, and expects to start the trial in 4Q11. Aastrom is also planning for a Phase 2 RCT of ixmyelocel-T in DCM for early 2012. In the near-term, we believe the data presentations from the Phase 2 RESTORE-CLI trial and Phase 2 trials in DCM as well as the Phase 3 trial initiation may drive the stock higher. In the long-term, we believe the Phase 3 trial results in CLI and the autologous stem cell technology platform will drive the long-term growth of the Company. The Company ended 2Q11 with $18.5MM in cash and cash equivalents, sufficient to support clinical development into 2012, but additional financing and/or partnerships may be needed to support Phase 3 development."
For more ratings news on Aastrom Biosciences click here and for the rating history of Aastrom Biosciences click here.
Shares of Aastrom Biosciences closed at $2.62 yesterday.
Needham analyst says, "Last night, Aastrom reviewed its 2Q11 results and provided its 2011 outlook. The Company has reached a SPA agreement with the FDA regarding the Phase 3 REVIVE-CLI trial evaluating ixmyelocel-T, an autologous, expanded multi-cellular therapy in no-option CLI patients, and expects to start the trial in 4Q11. Aastrom is also planning for a Phase 2 RCT of ixmyelocel-T in DCM for early 2012. In the near-term, we believe the data presentations from the Phase 2 RESTORE-CLI trial and Phase 2 trials in DCM as well as the Phase 3 trial initiation may drive the stock higher. In the long-term, we believe the Phase 3 trial results in CLI and the autologous stem cell technology platform will drive the long-term growth of the Company. The Company ended 2Q11 with $18.5MM in cash and cash equivalents, sufficient to support clinical development into 2012, but additional financing and/or partnerships may be needed to support Phase 3 development."
For more ratings news on Aastrom Biosciences click here and for the rating history of Aastrom Biosciences click here.
Shares of Aastrom Biosciences closed at $2.62 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Coherent (COHR) PT Raised to $420 at Needham
- Veritone (VERI) PT Lowered to $5 at Needham
- Freedom Broker Upgrades Serve Robotics (SERV) to Buy
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Needham & CompanySign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
