There are plenty of reasons why this growing biotech company should be on your watchlist, including an $18.70 price target! ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
The biotech space is anticipated for a big rebound this year and one company that looks well-positioned to stand out is BioStem Technologies, Inc. (OTCQB: BSEM). In the last year, the company’s share price has moved from around $1 to over $9. It’s evident that Wall Street is paying attention to this biotech company’s game-changing offerings for the global wound care market. The company is making waves for its focus on harnessing elements of perinatal tissue derived from the human placenta for manufacturing structural tissue allografts to heal wounds. The market for improved wound care products is growing exponentially. In terms of revenue, the global wound care market in terms of revenue was estimated to be worth $20.8 billion in 2022 and is poised to reach $27.2 billion by 2027, growing at a CAGR of 5.4% from 2022 to 2027.
It wasn’t that long ago that Zack’s Small Cap Research had increased its price target on the stock, given the explosive Q3 earnings that were reported and recently reiterated that the company may be undervalued! Zack’s has increased its price target to $18.70! The price increase comes shortly after the company released some preliminary and unaudited numbers that showed net revenue for 4Q2023 of $11.5 million, well ahead of Zack’s estimates and a more than 1300% increase from the year ago period! For the year, the company also showed preliminary net revenue of $16.7 million, which would be more than a 140% increase over 2022. The official release and the full financials, according to the company, will be released in March.
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