Opco says AGI-134 not part of BioLineRx Outperform thesis

Oppenheimer analyst Mark Briedenbach reiterates an Outperform rating on BioLineRx after the company announced new clinical data from its ongoing Phase 1/2a trial of AGI-134, which is being evaluated as a single-agent therapy in mixed solid tumors. While safety "looked clean" and 29% of patients achieved disease stabilization, no objective responses were observed, Briedenbach tells investors in a research note. The analyst says that while translational data were consistent with AGI-134’s proposed mechanism, he does not see a clear path forward for AGI-134 monotherapy. If BioLineRx chooses to pursue development, a combination with one or more checkpoint inhibitors could be a logical next step, writes Briedenbach. Regardless, AGI-134 does not factor into Briedenbach’s thesis, which remains focused on the clinical and commercial potential of Aphexda as a stem cell mobilizer. He expects Aphexda to receive FDA approval on or before its September 9 action date. Shares of BioLineRx are down 9% to 56c in midday trading.