After Maxim Group and H.C. Wainwright gave BioTime (NYSE MKT: BTX) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Kevin DeGeeter maintained a Buy rating on BioTime yesterday and set a price target of $3. The company’s shares closed yesterday at $1.55.
“On 3/14/19, BTX reported 4Q18 financial results and provided an update on OpRegen including 1) expectations for number of Cohort 4 patients to be presented at ARVO (three patients), 2) revisions to study protocol to incorporate more commercially viable supply chain and new injection device, and 3) plans to complete enrollment of the OpRegen study by the end of 2019 (our prior expectation was mid-year). We view the move to a thaw-and-inject distribution process and use of a next-generation injection device for sub-retinal delivery as important decisions by new management, de-risking future regulatory studies and commercialization. However, implementing the changes pushes out our expected timeline for OpRegen launch from 2021 to 2022. Reducing PT to $3.00 from $3.50.”
According to TipRanks.com, DeGeeter is a 5-star analyst with an average return of 16.2% and a 56.8% success rate. DeGeeter covers the Healthcare sector, focusing on stocks such as Catalyst Biosciences Inc, Molecular Templates Inc, and Neon Therapeutics Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for BioTime with a $3.33 average price target.
Based on BioTime’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $66.73 million. In comparison, last year the company had a GAAP net loss of $71.93 million.
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BioTime, Inc. is a clinical-stage biotechnology company, which deals with degenerative diseases. The company’s programs are based on two core proprietary technology platforms: cell replacement and cell and drug delivery. Its cell replacement platform creates new cells and tissues with its pluripotent and progenitor cell technologies.