BioBlast Pharma Ltd, a clinical stage biotechnology company focusing on therapies for rare genetic diseases, is celebrating its recent IPO and the end of its quiet period with a visit to the NASDAQ MarketSite in Times Square. CEO Dr. Dalia Megiddo will have the honor of ringing the Opening Bell at 9:15 to 9:30 am ET this morning.
“We are excited to celebrate our recently completed IPO and listing on the NASDAQ Global Market,” said Dr. Megiddo. “Trading on the world’s largest global trading platform has heightened awareness of our deep commitment to advance our portfolio of drug candidates to treat rare genetic diseases.”
During BioBlast’s quiet period, insiders and underwriters involved in the IPO are restricted from issuing any research reports or earnings estimates because of regulations issued by the Securities and Exchange Commission. It is expected that the brokerages that served as underwriters on the stock will soon begin research coverage on the company.
Roth Capital initiated coverage two weeks ago with a rating of “buy” and a price target of $15.00. According to analyst Joseph Pantginis,
“BioBlast has three proprietary platforms for generating therapeutic candidates for rare orphan diseases. ORPN’s platforms have already been validated by the company’s two advanced clinical candidates, including Cabaletta for OPMD, which is currently in a potentially pivotal Phase II/III trial. With solid technology platforms and a management team highly experienced in orphan disease development, we believe this company will move candidates forward skillfully and quickly.”
Oppenheimer has also initiated coverage with an “outperform” rating and a price target of $32.00, suggesting the current trading price to be heavily undervalued. Analyst Yigal Nochomovitz made the following statement:
“BioBlast is an Israeli orphan disease company with a compelling and diverse pipeline targeting rare genetic disorders with high unmet need. We see Cabaletta (stabilizing drug for protein aggregation disorders) and BBrm (readthrough drug for SMA) as the key near-term value drivers. Both drugs benefit substantially from: 1) established safety profiles (Cabaletta is a GRAS substance, BBrm is an approved antibiotic) and 2) development in diseases with no approved therapies where the bar for efficacy looks lower than average. The company’s mitochondrial protein replacement technology (mPRT) is earlier-stage (we do not model), but has significant long-term potential for diseases such as Friedreich’s Ataxia.”
A live webcast of the event will be available at https://new.livestream.com/nasdaq/live or http://www.nasdaq.com/about/marketsitetowervideo.asx.
Read about the event in Hebrew at SPONSER.