After Cantor Fitzgerald and Cowen & Co. gave Foamix Pharma (NASDAQ: FOMX) a Buy rating last month, the company received another Buy, this time from H.C. Wainwright. Analyst Ram Selvaraju reiterated a Buy rating on Foamix Pharma today and set a price target of $12. The company’s shares closed yesterday at $4.
Selvaraju noted:
“Valuation methodology, risks and uncertainties. We have employed a sum-of-the-parts valuation approach that yields a total projected firm value of $700M, which translates into a price objective of $12.00 assuming ~59M fully-diluted shares outstanding (including the exercise of roughly 4.1M options) as of end-2019.”
According to TipRanks.com, Selvaraju is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -9.6% and a 32.6% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, EyePoint Pharmaceuticals Inc, and Bausch Health Companies Inc.
Currently, the analyst consensus on Foamix Pharma is a Strong Buy with an average price target of $17, implying a 325.0% upside from current levels. In a report issued on February 28, Cantor Fitzgerald also assigned a Buy rating to the stock with a $15 price target.
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Based on Foamix Pharma’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $14.08 million. In comparison, last year the company had a GAAP net loss of $17.36 million.
Based on the recent corporate insider activity of 29 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of FOMX in relation to earlier this year.
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Foamix Pharmaceuticals Ltd. is a pharmaceutical company, which focuses on the development and commercialization of proprietary, innovative and differentiated topical drugs for dermatological therapy. Its product portfolios include minocycline foam, minocycline gel, mometasone foam, calcipotriene foam, triamcinolone acetonide foam, betamethasone valerate foam, and betamethasone dipropionate. The company was founded by Dov Tamarkin and Meir Eini on January 19, 2003 and is headquartered in Rehovot, Israel.
