Sophiris Bio Inc (NASDAQ:SPHS) shareholders celebrate over 110% gain in the stock this morning, after the drug maker announced positive results from its Phase IIa open-label, singlecenter POC study of topsalysin, an enzymatically-activated ablative agent, in localized prostate cancer.

In reaction, Maxim analyst Jason Kolbert reiterated a Buy rating on shares of Sophiris, with a price target of $4.00, which implies an upside of 60% from current levels.

Kolbert wrote, “Topsalysin demonstrated successful POC data in this onetime treatment with no side effects. A 50% response rate represents a significant signal. We see topsalysin as a new paradigm in the physician PC armamentarium.”

The analyst continued, “How could the data be even better? By 1) optimizing the dosing; and 2) optimizing the delivery, in our opinion. The trial mandated a fixed dose vs. a variable one based on tumor size. To optimize the delivery, an infusion pump could be used to “bathe” the target tumor and ensure drug exposure (vs. a slow, physician-held injection). A slower, more systematic protocol should reduce variability and increase exposure. And the impact of both improved dosing and delivery should drive a higher response rate, in our view.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Kolbert has a yearly average return of -15% and a 30.4% success rate.

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