BioDelivery (BDSI) Receives a Buy from H.C. Wainwright

By Carrie Williams

H.C. Wainwright analyst Oren Livnat maintained a Buy rating on BioDelivery (BDSIResearch Report) today and set a price target of $6. The company’s shares closed yesterday at $4.62.

Livnat noted:

“Our $6 12-month target (from $5) is based on a DCF reflecting strong Belbuca growth to nearly $180M by 2022, company cash-flow breakeven by end-2019, and overall profitability in 2020. Our DCF reflects a 10% WACC discount and negative -15% terminal value beyond 2026, and includes 90M fully diluted shares vs. currently reported 70M) to account for, among other shares, the substantial dilution from convertible preferred series B shares that were issued in the 2018 $50M financing ($1.80/share conversion price).”

According to, Livnat is a 5-star analyst with an average return of 12.6% and a 61.3% success rate. Livnat covers the Healthcare sector, focusing on stocks such as Verrica Pharmaceuticals Inc, Taiwan Liposome Company Ltd, and Pacira Pharmaceuticals.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for BioDelivery with a $6.50 average price target, implying a 40.7% upside from current levels. In a report issued on March 1, Cantor Fitzgerald also maintained a Buy rating on the stock with a $8 price target.

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The company has a one-year high of $5.21 and a one-year low of $1.70. Currently, BioDelivery has an average volume of 770.8K.

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BioDelivery Sciences International, Inc. is a pharmaceutical company, which engages in the development and commercialization of new applications of approved therapeutics to address important unmet medical needs. It focuses on pharmaceutical products in the areas of pain management and addiction.