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On Tuesday, H.C. Wainwright reiterated its Buy rating and $26.00 price target for BioLineRx stock (NASDAQ:BLRX). The firm’s analyst highlighted the company’s first-quarter 2025 financial results, which were released on Monday. BioLineRx reported earnings per share (EPS) of $1.39, surpassing the estimated ($0.84). This significant beat was attributed mainly to warrant accounting adjustments. According to InvestingPro data, the stock currently trades at a significant discount to its 52-week high of $35.60, with several key metrics suggesting challenging market conditions ahead.
BioLineRx concluded the quarter with a cash position of $26.4 million. Management expressed confidence that this would sustain the company’s operations well into the second half of 2026. The company’s revenue for the quarter was reported at $0.3 million. InvestingPro analysis indicates the company is quickly burning through cash, with a current ratio of 1.76 and negative free cash flow yield. These metrics are among 10+ financial health indicators available to InvestingPro subscribers.
The company’s earnings were bolstered by the performance of APHEXDA, which generated $1.4 million in U.S. sales during the first quarter of 2025. This translated into $0.3 million in royalty revenue for BioLineRx. These revenues primarily stem from royalties on the U.S. commercialization of APHEXDA by Ayrmid, the parent company of Gamida Cell (OTC:GMDAQ) (GMDA; not rated). Following the out-licensing of the asset in late 2024, APHEXDA has become the primary source of revenue for BioLineRx. Despite recent revenue growth, InvestingPro analysts anticipate a sales decline in the current year, with comprehensive analysis available in the Pro Research Report.
In addition to financial results, the analyst’s commentary included updates on BioLineRx’s clinical progress. The company has activated additional sites for its CheMo4METPANC Phase 2b trial in Pancreatic Ductal Adenocarcinoma (mPDAC). Full enrollment of 108 patients is anticipated by 2027, with plans for an interim futility analysis after 40% of progression-free survival (PFS) events have occurred. Updated data from this trial are expected to be presented at the American Society of Clinical Oncology (ASCO) meeting in 2025.
BioLineRx is also advancing its work in Sickle Cell Disease (SCD) and gene therapy. The Phase 1 trial for motixafortide, which is being developed for mobilizing CD34+ hematopoietic stem cells in the treatment of SCD, is ongoing. The reiteration of the Buy rating and the $26 price target reflects the firm’s optimism about BioLineRx’s financial performance and its clinical development pipeline.
In other recent news, BioLineRx announced its fourth quarter and full-year 2024 earnings, revealing earnings per share of ($2.21) for the fourth quarter and ($4.62) for the full year. These figures surpassed expectations set by H.C. Wainwright, which had projected lower earnings. The company reported a total revenue of $28.94 million for 2024, largely due to the Gloria license, and noted $6 million in U.S. sales of APHEXDA, slightly exceeding analyst forecasts. Following these announcements, H.C. Wainwright raised its price target for BioLineRx to $26.00, maintaining a Buy rating on the stock. Meanwhile, Jones Trading downgraded its rating from Buy to Hold, citing a need for further developments in BioLineRx’s pipeline. BioLineRx has ended its U.S. commercial operations, significantly reducing operating expenses by approximately 70% and extending its financial runway into the second half of 2026. The company is focusing on in-licensing new assets and advancing its lead candidate, motixafortide, in ongoing clinical trials. Key updates include the activation of additional sites for a Phase 2b trial for pancreatic cancer and the initiation of a Phase 1 trial for sickle cell disease. BioLineRx also signed a licensing agreement with Ayrmid Ltd for the development of APHEXDA outside solid tumors, excluding Asia.
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