BioTime, Inc. (BTX) Lifted to Buy at Zacks Investment Research
BioTime, Inc. (NYSEAMERICAN:BTX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $2.75 price objective on the biotechnology company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 15.55% from the company’s previous close.
According to Zacks, “BioTime, Inc. is a clinical-stage biotechnology company focused on developing and commercializing novel therapies in the field of regenerative medicine. The foundation of its core therapeutic technology platform is pluripotent cells that are capable of becoming any of the cell types in the human body. BioTime’s research and other activities have resulted, over time, in the creation of other subsidiaries that address other non-therapeutic market opportunities such as cancer diagnostics, drug development and cell research products, and mobile health software applications. “
Separately, BidaskClub cut BioTime from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. Two equities research analysts have rated the stock with a sell rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $5.08.
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In other news, Director Broadwood Partners, L.P. purchased 2,692,307 shares of the firm’s stock in a transaction dated Friday, October 13th. The shares were acquired at an average price of $2.60 per share, with a total value of $6,999,998.20. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders have bought a total of 2,716,203 shares of company stock worth $7,061,218 in the last three months.
A number of hedge funds have recently bought and sold shares of BTX. Geode Capital Management LLC lifted its stake in BioTime by 159.5% in the 1st quarter. Geode Capital Management LLC now owns 1,043,378 shares of the biotechnology company’s stock valued at $3,599,000 after buying an additional 641,358 shares in the last quarter. Vanguard Group Inc. lifted its stake in BioTime by 17.0% in the 2nd quarter. Vanguard Group Inc. now owns 3,680,705 shares of the biotechnology company’s stock valued at $11,594,000 after buying an additional 534,527 shares in the last quarter. Broadwood Capital Inc. lifted its stake in BioTime by 0.6% in the 3rd quarter. Broadwood Capital Inc. now owns 27,279,254 shares of the biotechnology company’s stock valued at $77,473,000 after buying an additional 160,000 shares in the last quarter. IndexIQ Advisors LLC purchased a new stake in BioTime in the 2nd quarter valued at approximately $431,000. Finally, State Street Corp lifted its stake in BioTime by 10.3% in the 2nd quarter. State Street Corp now owns 1,345,379 shares of the biotechnology company’s stock valued at $4,238,000 after buying an additional 125,833 shares in the last quarter.
BioTime, Inc is a clinical-stage biotechnology company focused on developing and commercializing products addressing degenerative diseases. Its clinical programs are based on two platform technologies: pluripotent stem cells and cell/drug delivery platform technologies. The foundation of its cell delivery platform is its HyStem cell and drug delivery matrix technology.
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