Market Overview

BTIG Upgrades Histogenics To Buy, Sets $3.50 Price Target


BTIG upgraded Histogenics Corp (NASDAQ: HSGX) to Buy from Neutral, suggesting a $3.50 price target on shares. The company continued its Ph. 3 NeoCart trial with another quarter of solid patient enrollment rates.

The analysts believe the goal line is in sight and while the exact finishing month could move a month or two, they have strong confidence at this point that the trial will be completed. Histogenics reported 167 patients enrolled out of 245 required for the Ph. 3 NeoCart trial. Moreover, management increased the low-end of its YE guidance for patient enrollment completion to 190–200 from 180–200.

The analysts see the company's continuing progress on a variety of operational efforts including exploring strategic partnerships in Japan and elsewhere in Asia and the development of a one-step NeoCart through the Intrexon partnership, as favorable steps.

The $3.50 price target is based on a DCF analysis, using a 17 percent discount rate applied to PV with 29 million shares based on future capital dilution.

Latest Ratings for HSGX

Dec 2018DowngradesBuyNeutral
Sep 2018DowngradesBuyNeutral
Dec 2016Initiates Coverage OnBuy

View More Analyst Ratings for HSGX
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Posted-In: btigAnalyst Color Upgrades Analyst Ratings


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