BioLineRx (BLRX) PT Lowered to $2 at Maxim Group

Maxim Group lowered its price target on BioLineRx (NASDAQ: BLRX) to $2.00 (from $3.00) while maintaining a Buy rating.

Analyst Jason McCarthy commented, "BiolineRx reported 4Q17 with a net loss of $7.4M and ended the period with $50M in cash on the balance sheet, which is sufficient runway into late 2019, with a burn rate of $6M-$7M per quarter. We expect to see several early-stage data points over the next 12 months, primarily in the immune oncology studies with BL-8040 + checkpoints. However, while BL-8040 is now in a pivotal P3 program for stem cell mobilization, which we see as a significant driver of the company, data is likely a 2020 event. As such, we have pushed commercialization in this indication back to 2022, from 2020 which reduces our price target to $2, from $3."

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