Maxim Group Keeps a Buy Rating on Sophiris Bio


Maxim Group analyst Jason McCarthy maintained a Buy rating on Sophiris Bio (NASDAQ: SPHS) today and set a price target of $8. The company’s shares opened today at $3.73, close to its 52-week high of $4.05.

McCarthy observed:

“We note that the P2 study of topsalysin is approaching data in prostate cancer, expected in the coming weeks and in our view represents a significant catalyst for the company. Sophiris’ valuation has steadily risen over the last two months, since early May, we believe on the expectation of a positive outcome. Based on prior data in prostate cancer for topsalysin, demonstrating tumor ablation at 6 months in 9/18 patients, we believe the probability of success in the P2 study (same time, endpoint) favors Sophiris.”

According to TipRanks.com, McCarthy is a 4-star analyst with an average return of 9.4% and a 40.6% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, SELLAS Life Sciences Group Inc, and ContraVir Pharmaceuticals Inc.

Sophiris Bio has an analyst consensus of Strong Buy, with a price target consensus of $7.

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Based on Sophiris Bio’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $3.33 million. In comparison, last year the company had a GAAP net loss of $2.62 million.

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Sophiris Bio, Inc. is a clinical-stage biopharmaceutical company, which engages in the development of products for the treatment of urological diseases. It is currently developing PRX302 as a treatment for the symptoms of benign prostatic hyperplasia which is a non cancerous enlargement of the prostate gland that causes a restriction in urine flow from the urethra resulting in lower urinary tract symptoms. The company was founded by James L. Heppell in May 2003 and is headquartered in La Jolla, CA.

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