Below, let's take a look at a balance sheet summary for BioLine.
Balance SheetTotal Cash (mrq): $ 26.38MTotal Cash Per Share (mrq): $ 1.75Total Debt (mrq): $ 44.85KTotal Debt/Equity (mrq): 0.24Current Ratio (mrq): 3.91Book Value Per Share (mrq): 1.25Shares Outstanding5: 15.06MFloat: 12.33M
Market Cap (intraday): $43.08M
"I have highlighted the numbers that stick out to me above in bold. Bioline having a $43M market cap has to be the result of the company flying under the radar of speculative investors and traders. If positive results are announced in March, I have to think the stock will at least gap up over 100% because BL-120 could be worth billions if ultimately approved for sale," said Scott Matusow.
Bioline having $1.75 cash per share is good, along with $26.3M in cash and a current burn rate of about $4.5M a quarter. This gives the company over a year of breathing room to operate before they might have to engage in a possible cash raise.
BL-120 is not the only drug the company has in its pipeline:
Drugs in Clinical trials:
BL-1020 Schizophrenia (Currently in Phase II/III trial)BL-1040 AMI (Currently in CE Mark Registration Trial)BL-5010 Skin lesions (Phase I/II complete)BL-7040 Inflammatory Bowel Disease ( Phase II)BL-8040 Acute myeloid leukemia & other hematological cancers (Phase IIready)BL-1021 Neuropathic Pain (Currently in Phase I trial)
Drugs in Pre-clinical:
BL-8020 HCVBL-6030/1 Bacterial Infection (BIJ)BL-7010 Celiac DiseaseBL-5040 Cachexia (BIJ)BL-7020 Psoriasis (BIJ)BL-7060/EDP29 AMIBL-8010/EDP30 RetinopathyBL-8030 HCV
"I find the potential of Bioline to be very enticing since the company has only a $43M market cap and over $26M in the bank. As mentioned above, I feel Bioline has been flying under the radar and offers a good opportunity at its current price. Also of note, 2 analyst firms have slapped a buy rating on the stock with one assigning a target price of $11.
"Sarepta was flying under the radar until it recently grabbed investor attention with positive data releases for Eteplirsen, which is in Phase II clinical stage for the treatment of Duchenne muscular dystrophy (DMD). finance.yahoo.com%2fq%2fhp%3fs%3dSRPT%26d%3d0%26e%3d10%26f%3d2013%26g%3dd%26a%3d5%26b%3d4%26c%3d1997%26z%3d66%26y%3d66">In July 2012, following a 1:6 reverse split, Sarepta was trading around $3.30 a share. Currently the stock trades for over $27 as investors and traders have taken notice of the huge developing story at Sarepta. While it's not likely that Bioline will see a stock price anywhere near the $27 range anytime soon, I do feel it's a good bet its stock price can see a very large percentage gain if the CLARITY trial results are positive in March, and nice price appreciation beforehand in anticipation of the results.
"The stock has formed a longer term rounding bottom and is showing signs of reversal after breaking out of its down channel. The MACD and RSI are very bullish. First target appears to be the 38.2% retrace at $4.00.
"Overall, I like Bioline for at least a nice catalyst trade, and expect the stock to be trading much higher over the next month. If the Phase II data release is positive, which it should be, I would expect a stock price over $5," said Scott Matusow.
Disclosure: Author Scott Matusow @scottmatusow is long BLRX.
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