BioCardiAa (BCDA) PT Lowered to $5 at Dawson James as CMO Resigns
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Dawson James analyst Jason Kolbert lowered the price target on BioCardiAa (NASDAQ: BCDA) to $5.00 (from $14.00) while maintaining a Buy rating.
The analyst commented, "BioCardia announced the resignation of the chief medical officer, Dr. Eric Duckers. The only statement provided was that he “resigned as Chief Medical Officer of the Company to pursue other opportunities.” While we understand people leave, we find this concerning. We vividly remember the departure of Dr. Doug Losordo, the Chief Medical Officer of Caladrius, as a warning sign for that company. We also are aware that competitor Mesoblast (MESO) missed the primary endpoint in its heart failure trial but showed positive signs in ischemic patients. Our probability of success in our cardiac condition models has only been at 10% across the board; we now maintain the CHF ischemic models at 10% but reduce the non-ischemic to just 1%. The result is our price target falls back to $5.00 per share. "
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