In a research report issued today, Roth Capital analyst Joseph Pantginis reiterated a Buy rating on shares of Sophiris Bio Inc (NASDAQ:SPHS) with an $8.00 price target, following the company’s third-quarter results and update on its its clinical progress. The company has $31.3 million in cash, which management believes provides runway into 2Q18. Sophiris Bio shares closed today at $2.87, up $0.23 or 8.71%.

Pantginis wrote, “With 3Q16 results in hand, the company has focused on raising capital in order to fund the Phase IIb trial of their lead asset, PRX302, for localized prostate cancer. Sophiris’ available cash and cash equivalents provides funding through an important data catalyst time point of the Phase IIb study, in our belief.”

“With positive results from two clinical trials in hand, we believe that PRX302 has the potential to address the large markets of localized prostate cancer and benign prostate hyperplasia (BPH). In our opinion, PRX302 could act as an effective bridge treatment between oral therapy and surgical intervention which would allow it to occupy a unique treatment space,” the analyst concludes.

As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joseph Pantginis has a yearly average loss of 12.2% and a 35% success rate. Pantginis has a 11.7% average loss when recommending SPHS, and is ranked #4070 out of 4205 analysts.

As of this writing, all the 4 analysts polled by TipRanks rate Sophiris Bio stock a Buy. With a return potential of 133%, the stock’s consensus target price stands at $6.50.