Oppenheimer Initiates Outperform On Foamix Pharmaceuticals; Sees 163% Upside
In a research report issued today, Oppenheimer analyst Akiva Felt initiated coverage with an Outperform rating on Foamix Pharmaceuticals (NASDAQ:FOMX) and a $15 price target, which represents a potential upside of 163% from where the stock is currently trading.
Felt noted, “Foamix appears to have successfully overcome formulation limitations inherent in antibiotics (and other drugs) to enable topical delivery. The company’s diverse foamtechnology platform has been validated through a number of pharma partnerships with significant milestone and royalty potential. However, the upside opportunity for investors is FMX101, a wholly owned topical minocycline foam for the treatment of moderate-to-severe acne. A Phase 2 of FMX101 showed impressive clinical results (best-in-class potential), and our proprietary physician survey bodes well for the drug’s commercial potential. FOMX expects to begin Phase 3 studies of FMX101 in mid-2015, with data anticipated in 2H16. Moreover, we see upside potential from FOMX’s additional clinical programs.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Akiva Felt has a total average return of 62.3% and a 61.9% success rate. Felt is ranked #24 out of 3340 analysts.