BioTime (BTX) Received its Third Buy in a Row

By Carrie Williams

After Maxim Group and Oppenheimer gave BioTime (NYSE MKT: BTX) a Buy rating last month, the company received another Buy, this time from H.C. Wainwright. Analyst Joseph Pantginis reiterated a Buy rating on BioTime today and set a price target of $4. The company’s shares closed yesterday at $1.55.

Pantginis wrote:

“Valuation and risks to price target achievement. We reiterate our Buy rating and $4 price target. Our valuation is based on our clinical net present value (NPV) model, which allows us to flex multiple assumptions affecting a drug’s potential commercial profile. Our valuation is currently based on the opportunities for OpRegen (approximately 57% valuation contribution) on only the U.S. opportunity and Revevia (43% valuation contribution) in the E.U. We note that our current projected values for both these assets are based on minimal market penetration in very large markets.”

According to TipRanks.com, Pantginis is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -16.0% and a 28.4% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Iovance Biotherapeutics Inc, and Checkpoint 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, which is an 114.8% upside from current levels. In a report released yesterday, Oppenheimer also assigned a Buy rating to the stock with a $3 price target.

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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.