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On Tuesday, H.C. Wainwright analyst Joseph Pantginis increased the price target on BioLineRx (NASDAQ: BLRX) to $26.00 from the previous $9.00 while maintaining a Buy rating on the company’s stock. Currently trading at $2.96 with a market cap of $11.45 million, InvestingPro analysis suggests the stock is undervalued, with analyst targets ranging from $26 to $80. This adjustment followed the announcement of the fourth quarter and full-year 2024 financial results by BioLineRx on March 31.
BioLineRx reported earnings per share (EPS) of ($2.21) for the fourth quarter and ($4.62) for the full year, which surpassed H.C. Wainwright’s estimates of ($3.17) and ($5.51), respectively. According to InvestingPro data, the company’s financial health score is currently rated as WEAK, with a significant negative free cash flow of -$30.35 million in the last twelve months. The company concluded 2024 with $19.6 million in cash reserves, excluding the approximately $10 million raised in a January 2025 offering. Management indicated that these funds are expected to sustain operations into the second half of 2026.
The company’s revenue for 2024 amounted to $28.94 million, primarily driven by the Gloria license. Sales of APHEXDA in the U.S. reached $6 million for the year, slightly above the $5.8 million anticipated by the analysts. Looking forward, BioLineRx plans to in-license new assets and advance them through clinical proof-of-concept stages. This development strategy is to be partially funded by milestones and royalties from out-licensing deals.
Among the key updates and milestones provided by BioLineRx were the activation of additional sites for the Phase 2b CheMo4METPANC trial for Pancreatic Ductal Adenocarcinoma (mPDAC), with full enrollment of 108 patients expected by 2027. An interim futility analysis is planned after 40% of progression-free survival (PFS) events. In the area of Sickle Cell Disease (SCD) and gene therapy, the first patient has been dosed in a Phase 1 trial assessing motixafortide for mobilizing CD34+ hematopoietic stem cells, a critical step in SCD gene therapy development.
Additionally, BioLineRx signed an exclusive license agreement with Ayrmid Ltd, the parent company of Gamida Cell (OTC:GMDAQ), for the development and commercialization of APHEXDA (motixafortide) outside of solid tumors and in territories excluding Asia.
The revised price target reflects the analyst’s optimism following BioLineRx’s recent progress and financial performance, as well as its strategic initiatives moving forward. For deeper insights into BioLineRx’s valuation and financial metrics, including 13 additional ProTips and comprehensive analysis, visit InvestingPro, where you’ll find detailed research reports and expert analysis.
In other recent news, BioLineRx Ltd (NASDAQ:BLRX). has announced significant developments following the FDA approval and commercial launch of its product, APHEXDA® (motixafortide). The company has entered into exclusive licensing agreements with Ayrmid Ltd. and Guangzhou Gloria Biosciences Co., Ltd. These deals have provided BioLineRx with substantial non-dilutive capital, including a $10 million upfront payment from Ayrmid and a $15 million upfront payment from GloriaBio. Additionally, BioLineRx is eligible for potential commercial milestones and royalties from both agreements.
The partnership with Ayrmid excludes solid tumors and Asia, while GloriaBio will commercialize motixafortide in the Asian market. Ayrmid’s principal shareholder, Highbridge Capital Management LLC, also made a $9 million equity investment in BioLineRx, and GloriaBio’s agreement included a $14.6 million equity investment. Financially, these transactions, along with a previous $10 million equity financing, are expected to support BioLineRx’s operations through the second half of 2026.
BioLineRx has also announced a 1-for-40 reverse stock split to maintain compliance with Nasdaq’s minimum bid price requirement, effective January 30, 2025. The company plans to report its fourth-quarter 2024 results in March. CEO Philip Serlin has expressed confidence in the company’s ability to create value for shareholders and advance therapeutics for cancer and rare diseases.
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