Zacks Investment Research Upgrades Bioline RX Ltd (BLRX) to Buy

Bioline RX Ltd (NASDAQ:BLRX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The brokerage currently has a $1.00 price objective on the biotechnology company’s stock. Zacks Investment Research’s price objective indicates a potential upside of 13.65% from the company’s previous close.

According to Zacks, “Bioline RX Ltd. is a biopharmaceutical development company. BioLineRx is dedicated to building a portfolio of products for unmet medical needs or with advantages over currently available therapies. The Company’s portfolio consists of clinical stage candidates including BL-1020 for schizophrenia , BL-1040, for treatment of patients following a myocardial infarction, BL-5010 for non-surgical removal of skin lesions, BL-1021 for neuropathic pain and BL-7040 for treating Inflammatory Bowel Disease. In addition, BioLineRx has many products in various pre-clinical development stages for a variety of indications, including central nervous system diseases, oncology, infectious diseases, cardiovascular and autoimmune diseases. “

Several other analysts also recently commented on the company. Rodman & Renshaw initiated coverage on Bioline RX in a research note on Monday, February 13th. They issued a “buy” rating and a $3.00 price objective for the company. HC Wainwright initiated coverage on Bioline RX in a research note on Wednesday, February 15th. They issued a “buy” rating and a $3.00 price objective for the company. Finally, Maxim Group set a $1.00 price objective on Bioline RX and gave the stock a “hold” rating in a research note on Monday, March 20th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Bioline RX currently has an average rating of “Buy” and an average price target of $2.85.

Bioline RX (NASDAQ:BLRX) traded up 1.2543% during trading on Friday, reaching $0.8799. The company’s stock had a trading volume of 450,792 shares. The firm has a 50 day moving average price of $1.04 and a 200-day moving average price of $1.04. Bioline RX has a 52-week low of $0.71 and a 52-week high of $1.42. The stock’s market cap is $54.36 million.

Bioline RX (NASDAQ:BLRX) last posted its quarterly earnings results on Thursday, March 23rd. The biotechnology company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by $0.05. On average, analysts expect that Bioline RX will post ($0.28) earnings per share for the current year.

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A hedge fund recently raised its stake in Bioline RX stock. Senvest Management LLC increased its stake in Bioline RX Ltd (NASDAQ:BLRX) by 25.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,443,500 shares of the biotechnology company’s stock after buying an additional 900,200 shares during the period. Senvest Management LLC owned approximately 7.88% of Bioline RX worth $5,110,000 as of its most recent SEC filing. Institutional investors and hedge funds own 13.33% of the company’s stock.

About Bioline RX

BioLine RX Ltd is an Israel-based company engaged in the development of therapeutics, from preclinical-stage development to advanced clinical trials, for a range of medical needs. Its clinical therapeutic candidates under development consist of BL-1020 that is in Phase II/III clinical trials to improve cognitive function in schizophrenia patients; BL-1040, which is under pivotal CE-Mark registration trial for the prevention of cardiac remodeling following an acute myocardial infarction; BL-5010, which has completed Phase I/II clinical trials for non-surgical removal of skin lesions; BL-1021 that has completed Phase Ia clinical trial for the treatment of neuropathic pain or pain that results from damage to nerve fibers, and BL-7040, a synthetic oligonucleotide, which is in Phase II clinical trial for the treatment of inflammatory bowel disease.

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