Aegis Maintains Navidea Biopharma (NAVB) at 'Hold'; NDA Approval Positive, but Lymphoseek Needs to Gain Traction

Aegis Capital affirms Navidea Biopharma (AMEX: NAVB) at Hold with a price target of $2 following FDA approval of Lymphoseek's NDA for the drug to be used in lymphatic mapping in solid tumors.

Analyst Ram Selvaraju commented, While this is a significant regulatory milestone for the company and could permit Navidea to access a market of up to 1.2mm solid tumor patients, we remain neutral pending further demonstration of Lymphoseek commercial traction, to the point at which the product's revenues begin to exceed our expectations.

Our valuation methodology provides for a contribution of only $1.30 per share in value from Lymphoseek. Therefore while we believe that there is room for upside from the current share price, we feel that the risk/reward profile of the firm at this stage needs to improve before we can be more bullish on the name. The pipeline also needs to progress before we can have greater confidence in its value.

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

Navidea Biopharmaceuticals closed at $1.23 yesterday.

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