BioRestorative Therapies (BRTX – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Michael Okunewitch from Maxim Group maintained a Buy rating on the stock and has a $8.00 price target.
Michael Okunewitch has given his Buy rating due to a combination of factors related to BioRestorative Therapies’ ongoing clinical developments and strategic positioning. The company is actively progressing its Phase 2 trial of BRTX-100 for chronic lumbar disc disease (CLDD), which has recently received Fast Track designation from the FDA. This designation could potentially expedite the completion of the study and accelerate the Biologics License Application (BLA) filing, enhancing the company’s prospects.
Furthermore, recent MRI imaging data presented at the Orthopaedic Research Society meeting showed promising morphological changes in patients, such as increased disc hydration and resolution of annular tears, which are unlikely to occur spontaneously. Additionally, BioRestorative is expanding its pipeline by preparing for a Phase 2 study in cervical spinal pain, an area with significant market potential and less competition. The company’s strategic efforts in exploring partnerships for its metabolic program and potential first-in-human trials further bolster its growth outlook.