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.

BLRX Chart BLRX data by YCharts

More from Markets

Dow Turns Higher as Microsoft Gives Stocks a Boost

Dow Turns Higher as Microsoft Gives Stocks a Boost

Microsoft Hits Record High as Cloud Sales Drive Q4 Earnings Blowout

Microsoft Hits Record High as Cloud Sales Drive Q4 Earnings Blowout

How to Trade General Electric's Stock After Earnings for Superior Gains

How to Trade General Electric's Stock After Earnings for Superior Gains

FAANG and the Fed: Trump's Rate Hike Concern Could Add to Tech Performance

FAANG and the Fed: Trump's Rate Hike Concern Could Add to Tech Performance

Top Strategist Reveals the Stocks to Focus On For the Last Half of 2018

Top Strategist Reveals the Stocks to Focus On For the Last Half of 2018