Biotech firm Sophiris Bio Inc (NASDAQ:SPHS) just posted second-quarter results as well as an update on its progress for its clinical development program. Maxim analyst Jason Kolbert reiterates a Buy rating on Sophiris, while raising the price target from $4.00 to $6.00, which represents a 17% increase from where the shares last closed.

The analyst notes that Sophiris traded through his prior price target thanks to sustained development of datasets for PRX302, also known as topsalysin, designed to directly inject into prostate cancer lesions to seek out and destroy PSA-expressing sells in the prostate. As the market continues to recognize the potential in both oncology and benign prostatic hyperplasia (BPH, or enlarged prostate), the commercial opportunities for PRX302 rise.

So far, PRX302/topsalysin has proven to be a success with POC data for prostate cancer exposing no side effects. A response rate at 50% represents a significant signal.

Kolbert concludes, “We see topsalysin as a new paradigm in the physician PC armamentarium. We just have a couple of questions: Will the response rate change if patients are dosed a second (or more) time? Can delivery be optimized? Given the opportunity, we believe Sophiris can unlock the value associated with PRX302.”

As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks, Jason Kolbert is ranked #4,021 out of 4,110. Kolbert has a 28% success rate and faces a loss of 15.8% in his average returns. However, when recommending SPHS, Kolbert  sees 178.7% in average profits on the stock.

TipRanks analytics reveal SPHS as a Hold. Based on 15 analysts polled in the last 3 months, 3 rate a Buy on SolarCity, 10 maintain a Hold, while 2 issue a Sell. The consensus price target stands at $25.92, marking an 8% upside from where the stock is currently trading.

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