UPDATE: Aegis Capital Initiates Neostem at Buy on Stem Cell Platforms
In a report published Monday, Aegis Capital analyst Raghuram Selvaraju initiated coverage on Neostem (NYSE: NBS) with a Buy rating and $2.50 price target.
In the report, Aegis Capital noted, “We are initiating coverage of Neostem, Inc., an emerging biotechnology firm focusing on the development of several novel stem cell-based technology platforms, with a Buy rating and a 15-month price target of $2.50 per share. In our view, Neostem represents a substantially differentiated participant in the stem cell sector, given the fact that the firm has four different technology platforms and a lead product candidate, AMR-001, that has demonstrated the only dose-dependent clinical response data for a stem cell-based therapeutic in cardiovascular disease to date. AMR-001 is currently in a proof-of-concept Phase 2 trial that is slated to report data early next year. We believe that, with positive data in hand, Neostem could ink a significant partnership deal with an established pharmaceutical firm such as Baxter International Inc. (BAX/NYSE, Not Rated) that would optimize the pivotal development of AMR-001 and commercialization in global markets.”
Neostem closed on Friday at $0.51.
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