H.C. Wainwright launched coverage of Brainstorm Cell Therapeutics (NASDAQ:BCLI) with a “buy” rating and price target of $11. The stock closed at $3.93 on May 15.
Brainstorm is developing a first of its kind cell therapy, called NurOwn, for the treatment of Amyotrophic Lateral Sclerosis (ALS) or Lou Gehrig’s disease.
Analyst Jason Kolbert writes that a Phase 2 trial demonstrated proof-of-concept in ALS patients and in 2018, the company initiated its first pivotal Phase 3 study of NurOwn in ALS patients.
ALS is an unmet medical need and the few products approved for ALS are palliative, have many side effects, and dosing regimens are cumbersome. Mr. Kolbert said that in comparison, NurOwn has “established not only a clean safety profile and convenient dosing, but also has the potential to be disease modifying, slowing down disease progression.”
Coupled with orphan status for a 30,000 U.S. and 55,000 EU patient-market, “we conclude there is real value in the company,” he added.
