UPDATE: Dawson James Downgrades BioCardiAa (BCDA) to Neutral

Dawson James analyst Jason Kolbert downgraded BioCardiAa (NASDAQ: BCDA) from Buy to Neutral.

The analyst comments "Our product models run out to the year 2030. For CardiAMP and CardiALLO and all the related cardiac indications, each represents blockbuster markets. We adjusted our model for current and future dilution. Our risk cuts in our projected revenues are at 90% cut (or just a 10% probability of success), and for non-ischemic indications, just a 1% probability of success, all but eliminating them from our future projections. In addition, in our free cash flow (FCFF), discounted EPS (EPS), and sum-of-the-parts (SOP) models, we apply a risk rate (r) of 30% on top of the revised risk cuts in our models. Our share count is projected for 2030 and assumes multiple raises. Our models are equalweighted, averaged, and rounded to the nearest whole number to derive a fair value target."

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 $1.86 yesterday.

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