BioCardia (BCDA – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Joseph Pantginis from H.C. Wainwright remains neutral on the stock and has a $4.00 price target.
Joseph Pantginis has assigned a Buy rating to BioCardia’s stock (BCDA) due to a number of reasons. His decision is largely influenced by the company’s recent financial results and its strategic approach to advancing its clinical programs. BioCardia recently posted 3Q23 results, showing an EPS of ($0.12), in line with consensus, along with a cash position of $1.8 million. This financial standing is believed to provide them a runway through January 2024. Moreover, the firm is making efforts to progress its CardiAMP and CardiALLO clinical programs in a cash-neutral manner, leveraging the Medicare reimbursement previously acquired and focusing on securing grants and partnerships.
Pantginis’ recommendation also considers the company’s focus on a specific subset of patients in its future CardiAMP HF Trial II, which showed greater benefits from the treatment in the interim analysis. This switchover in focus came after an interim dataset indicated that the primary endpoint at one year was unlikely to be met. The proposed CardiAMP HF II study protocol is now under review by the FDA, and a formal consultation with the PMDA for potential approval in Japan is slated for November 2023. While Pantginis is cautious about the company’s future considering its cash position and pending regulatory decisions, these upcoming milestones are deemed to provide potential growth opportunities, justifying the Buy rating.
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BioCardia (BCDA) Company Description:
BioCardia, Inc. operates as a clinical-stage regenerative medicine company. It develops novel therapeutics for cardiovascular diseases. The firm offers proprietary comprehensive biotherapeutic solutions for cardiovascular disease under the CardiAMP and CardiALLO brand. It operates in only one business segment, which is a clinical-stage regenerative medicine company developing novel therapeutics for cardiovascular diseases with large unmet medical needs. The company was founded on January 12, 1994 and is headquartered in San Carlos, CA.
Read More on BCDA:
- BioCardia Reports Third Quarter 2023 Business Highlights and Financial Results
- BioCardia to Host Q3 2023 Corporate Update and Financial Results Conference Call on November 8, 2023
- BioCardia files $50M mixed securities shelf
- BioCardia Announces Completion of Enrollment in Phase III CardiAMP HF Trial and Plans for CardiAMP HF Trial II
- BioCardia completes enrollment in Phase III CardiAMP HF trial
