Bioline RX Ltd (NASDAQ:BLRX)

Can Bioline RX Ltd (NASDAQ:BLRX) Sustain Momentum?

Bioline RX Ltd (NASDAQ:BLRX)

Bioline RX Ltd (NASDAQ:BLRX) has announced its second quarter’s financial results and the stock rose by 3.51% to close the day at $1.18 a share. The clinical-stage biopharmaceutical firm also announced it embarked on plans to start a Phase III study on BL-8040 after holding a meeting with the U.S. Food and Drug Administration.

Bioline RX Ltd (NASDAQ:BLRX)
One month Bioline stock price chart

An investment in the biopharmaceutical firm was made by BVF Partners, currently its biggest shareholder. This increased the stake of BVF Partners in BioLineRx to 24.9%. The new investment by BVF Partners, which is valued at $9.6 million, came at a per-unit price of $1.13

“We are also pleased to have received a strong vote of confidence from BVF Partners last month. The $9.6 million direct investment we received will allow us to accelerate the development of our clinical programs,” Bioline RX Ltd (NASDAQ:BLRX)’s Chief Executive Officer, Philip Serlin, said.

Research and development

In the financial results, expenses arising from research and development for the second quarter were $4 million. This was a 48.2% increase from the $2.7 million in a similar quarter a year ago. These expenses resulted from spending on BL-8040 and AGI-134. Expenses from sales and marketing activities for the June quarter amounted to $0.3 million and this was largely the same as what was incurred a year ago in a similar period.

Administrative expenses

Expenses attributed to general and administrative activities amounted to $0.8 million and this was almost the same as a similar quarter in 2016. Net financial income for Bioline RX Ltd (NASDAQ:BLRX) also increased in this second quarter to $0.3 million compared to last year’s second quarter net financial income which was $0.1 million.

In the second quarter the operating loss increased to $5.2 million compared to the $3.9 million recorded in a similar quarter last year. Net loss for the second quarter was $4.9 million.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.

Bioline RX Ltd (NASDAQ:BLRX) Headed in Right Direction

Bioline RX Ltd (NASDAQ:BLRX)

Bioline RX Ltd (NASDAQ:BLRX), based in Israel, released an interim update on the Phase 2 clinical trial for its lead product candidate BL-8040. The trial is designed to determine the efficacy of BL-8040 as a monotherapy solution for the mobilization and collection of blood-forming stem and progenitor cells. Current therapy utilizes 4-6 injections of G-CSF. Bioline’s goal is to replace the existing multi-shot treatment with a single dose of BL-8040.

The initial part of the study is to form a cohort of 10 patients with advanced hematological malignancies (cancer) and their HLA-matched sibling donors. This initial portion of the study was reported by Bioline RX Ltd (NASDAQ:BLRX) to be nearly complete. According to the press release, all recipients that have received a transplant have experienced a successful neutrophil engraftment. The progress of these recipients will be followed for one year. The donor’s experience was safe and deemed well tolerated.

Washington University School of Medicine (WUSOM), Oncology Division, is collaborating with Bioline RX Ltd (NASDAQ:BLRX). WUSOM will source and enroll 24 donor/recipient pairs between the ages of 18 and 70. On the donor side, the primary endpoint of the study is the ability of a single injection of BL-8040 to mobilize sufficient amounts of cells for transplantation following up to two apheresis procedures. On the recipient side, the study aims to evaluate the time to engraftment rate following transplantation of the BL-8040 collected graft. Topline results are expected at the end of this year.

Bioline RX Ltd (NASDAQ:BLRX) develops and in-licenses therapeutic candidates from academic institutions and biotech firms in Israel. The company takes the therapeutic candidates through pre-clinical and clinical trials and then seeks to partner with existing pharmaceutical companies for advanced clinical development and commercialization.

Pipeline

Two firms follow Bioline RX Ltd (NASDAQ:BLRX). One rates BLRX shares as a “Strong Buy” while the other rates BLRX as a “Buy”. These analysts have a consensus price target of $2. The stock has a 52-week high of $1.42 and a 52-week low of $0.71. BLRX shares experienced heavy trading Friday when BLRX closed at $1.14. Volumes were almost 1.5 times their normal daily average.

Ticker Symbol BLRX
Last Price a/o 7:16 AM EST  $                      1.23
Average Volume                    396,900
Market Cap (mlns)  $                    67.72
Sales (mlns) $0.00
Shares Outstanding (mlns) 56.43
Share Float (mlns) 44.39
Shortable Yes
Optionable No
Inside Ownership 0.00%
Short Float 0.47%
Short Interest Ratio 0.52
Quarterly Return 22.49%
YTD Return 30.43%
Year Return 14.29%

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

About the author: James Marion is a University of Houston student studying Business with a concentration in Finance.