CollPlant initiated with a Buy at Alliance Global Partners

Alliance Global Partners analyst Ben Haynor initiated coverage of CollPlant (CLGN) with a Buy rating and $22.75 price target. CollPlant’s proprietary method of producing type I human collagen utilizing genetically engineered tobacco plants "appears to be the only viable method of producing commercial qualities of high-quality rhCollagen cost effectively," and rhCollagen has significant applications in aesthetic and regenerative medicine, the analyst said. The firm views the company’s rhCollagen and its production approach as validated by numerous signed collaboration and partnership agreements, including one with AbbVie (ABBV).