BioCardia shares ‘oversold’ on news of trial pause, says H.C. Wainwright

H.C. Wainwright analyst Joseph Pantginis reiterates the firm’s Buy rating and $9 price target on Biocardia after the company announced that the Data Safety Monitoring Board recommended to pause new enrollment and any potential patient crossover procedure in the Phase 3 CardiAMP HF study following a pre-specified data review. Based on initial analysis of available un-blinded data from 132 cell therapy procedures involving 111 randomized patients, the DSMB concluded that the trial is unlikely to meet its primary Finkelstein Schoenfeld composite endpoint and recommends a pause while additional one-year follow-up data from patients that have been treated and those that have been enrolled but not yet treated are collected, the firm noted. “We are now in a bit of an unsure situation with this unique announcement,” but patients are still being treated and the firm believes the shares are oversold based on “the breadth of programs at Biocardia,” the analyst tells investors.