Bioline RX (BLRX) Stock Gains on Positive Test Results, Coverage Initiation

NEW YORK (TheStreet) -- Bioline RX (BLRX) shares are up 5.29% to $2.19 in afternoon trading on Monday after the biopharmaceutical company announced that it will present positive safety test results from its celiac disease treatment candidate BL-7010.

The company said that it will present the results at the 16th annual International Celiac Disease Symposium which is taking place from June 21-24 in Prague.

Separately, analysts at JPMorgan initiated coverage on the company's stock today with an "outperform" rating and $5 price target.

"BioLine RX is advancing an arsenal of products in development with the hope of delivering important new therapies to treat a wide variety of diseases. We believe investors are undervaluing the pipeline potential of BLRX, considering that four of its six clinical assets are in Phase II trials or have efficacy validity data, with estimated worldwide sales potential of over $3.7bn," said the firm, according to Benzinga.

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