After Piper Jaffray and Maxim Group gave Sophiris Bio (NASDAQ: SPHS) a Buy rating last month, the company received another Buy, this time from H.C. Wainwright. Analyst Joseph Pantginis reiterated a Buy rating on Sophiris Bio today and set a price target of $10. The company’s shares opened today at $3.04.
Pantginis commented:
“Valuation and risks to price target achievement. We reiterate our Buy rating and are increasing our price target to $10 from $4.30. The drivers to our price target change stem from our recent changes, which took into account the increased risk profile surrounding topsalysin until we received information surrounding the patient death.”
According to TipRanks.com, Pantginis is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -10.1% and a 33.8% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, Applied Genetic Technologies, and Iovance Biotherapeutics Inc.
Currently, the analyst consensus on Sophiris Bio is a Strong Buy with an average price target of $6.43, representing an 111.5% upside. In a report issued on August 14, Piper Jaffray also maintained a Buy rating on the stock with a $7 price target.
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Based on Sophiris Bio’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $6.1 million. In comparison, last year the company had a net profit of $610K.
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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.
