Vascular Biogenics (VBLT) Gets a Hold Rating from Chardan Capital

By Ryan Adsit

Chardan Capital analyst Gbola Amusa reiterated a Hold rating on Vascular Biogenics (VBLTResearch Report) today and set a price target of $3. The company’s shares opened today at $1.10, equals to its 52-week low of $1.10.

Amusa commented:

“We remain on the sidelines; ovarian cancer data in 4Q19 This morning, VBL Therapeutics reported 3Q18 results and provided updates on its programs. The company reported EPS of -$0.15, beating the Chardan estimate of -$0.20 by $0.05. With $53.7 mm in cash and cash equivalents as of 30 September 2018, VBL has sufficient cash to execute on its programs “for at least the next three years.” This should support the company through at least interim efficacy readout from the ongoing phase III OVAL study (NCT03398655) of its lead asset VB-111 in platinum- resistant ovarian cancer, anticipated in 4Q19, and the planned submission of IND filings for its MOSPD2 program in 2020. Implications for the OVAL trial in ovarian cancer are still unclear.”

According to TipRanks.com, Amusa is a 5-star analyst with an average return of 19.4% and a 49.1% success rate. Amusa covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Logicbio Therapeutics Inc, and Catalyst Biosciences Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Vascular Biogenics with a $3 average price target.

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Based on Vascular Biogenics’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $4.05 million. In comparison, last year the company had a GAAP net loss of $6.54 million.

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Vascular Biogenics Ltd. is in the clinical-stage biopharmaceutical company, which engages in the discovery, development and commercialization of first-in-class treatments for cancer. It offers different programs for cancer and inflammatory disease patients such as vascular targeting system and Lecinoxoids.