In a report released today, Anthony Vendetti from Maxim Group maintained a Buy rating on BioPharmX Corp (BPMX), with a price target of $5. The company’s shares opened today at $1.28.
Vendetti said:
“2019, BPMX raised $3.5M in net cash from a share offering. a reverse stock split of 1:25 was approved to regain compliance with certain NYSE American continued listing standards. 2019, BPMX began trading at its post reverse stock split-adjusted basis. the company announced the completion of enrollment in its 12-week, 207-patient Phase 2b clinical trial of BPX-04 for the treatment of rosacea. There are 40 remaining patients that we expect to complete their treatment by the end of May 2019. Top-line data readout is still expected in July 2019.”
According to TipRanks.com, Vendetti is a 5-star analyst with an average return of 12.0% and a 50.0% success rate. Vendetti covers the Healthcare sector, focusing on stocks such as Ellex Medical Lasers Limited, Restoration Robotics Inc, and Xtant Medical Holdings.
Currently, the analyst consensus on BioPharmX Corp is a Moderate Buy with an average price target of $0.40.
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Based on BioPharmX Corp’s latest earnings release for the quarter ending January 31, the company reported a quarterly GAAP net loss of $4.06 million. In comparison, last year the company had a GAAP net loss of $4.4 million.
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BioPharmX Corp. engages in the provision of healthcare products through platform technologies for pharmaceutical, over-the-counter, and supplement applications in dermatology. Its platforms include Topical Gel, Injectable, and Encapsulation.
