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Here are two analyst calls this afternoon which could buoy the small cap biotech names into the close and into tomorrow's market open. The first comes from Maxim Group who reissues their Buy rating and $13 price target on Adamis Pharmaceuticals (ADMP). The stock of this small biopharma after it sign a potentially game charging distribution deal with Novartis (NVS) early this morning which Maxim's analyst covers in his commentary.
“The much anticipated partnership for Symjepi has arrived and should represent a significant inflection point for Adamis. With Symjepi partnered, the next area to focus on is the company’s pipeline of injectionbased and inhalation-based drugs which are moving to the later stages of development, and like Symjepi, likely to attract pharma partners, in our view.”
BioLife Solutions (BLFS) is also having a nice run today after easily beating analyst expectations with its quarterly results and lifting guidance. This has Northland Securities ($16 price target) and Maxim Group ($18 price target, up from $12) reissuing their Buy ratings on this small cap. Here again is commentary from Maxim's call.
“BioLife shares are up today (15%+) following the company’s announcement of preliminary cell preservation media revenue for 2Q18 coming in at $5.2M, up 36% sequentially and 103% y/y. The company raised guidance to $18.5M-$20M, from $14.5M-$15.5M. The company is cash flow positive and also currently has $14M in cash on the balance sheet. We have reduced our discount rate to 15%, from 30% and are increasing our 12-month price target to $18, from $12.
And those are two small biopharma stocks drawing analyst praise as we head into the close for the first trading day of the third quarter.
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