Hana Biosciences a Bit Early

Fri. September 05, 2008; Posted: 07:10 AM

Sep 05, 2008 (Zacks Investment Research via COMTEX) -- HNAB | Quote | Chart | News | PowerRating -- Hana Biosciences Inc. (HNAB) has a relatively diversified portfolio but all candidates are in either early stage or middle stage of development. We don't see huge upside potential for Hana shares in the next 6 to 12 months. The company's cash position is also a matter of concern. As of June 30, Hana had aggregate cash and cash equivalents and available-for-sale securities of $9.3 million. When the company advances its candidates into late stage clinical trials, research and development costs will soar in the next few years. Hana may need to tap the capital market as early as in early 2009. Equity financing will dilute shareholder base and reduce its share value. Hana Biosciences is still a middle-stage development company. Although we are optimistic about its diversified portfolio, we are very concerned about the competition the company will face in the cancer and cancer supportive care areas if its drug candidates are approved. At this point of time, we think the risk/reward profile is balanced for Hana. Our six-month price target of $0.70 price target represents a market cap of $23 million. Read the full analyst report on HNAB

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