H.C. Wainwright analyst Joseph Pantginis maintained a Buy rating on Sophiris Bio (SPHS – Research Report) today and set a price target of $3.50. The company’s shares closed yesterday at $0.97, close to its 52-week low of $0.75.
“Valuation and risks to price target achievement. We maintain our Buy rating, though are lowering our price target to $3.50 from $10. We have adjusted our base year for our valuation, but the primary driver to our price target reduction is the increase of our discount rate from our typical 15% to 30% to account for the significant financing overhang and no current clinical catalysts until funding can be procured (financing and/or partnering) and the timing for the Phase 3 program can be laid out. Once this visibility is obtained, we would look to potentially reassess the risk profile impact from our discount rate.”
According to TipRanks.com, Pantginis has currently no stars on a ranking scale of 0-5 stars, with an average return of -16.2% and a 26.9% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Iovance Biotherapeutics Inc, and Checkpoint Therapeutics Inc.
Sophiris Bio has an analyst consensus of Strong Buy, with a price target consensus of $5.50.
Based on Sophiris Bio’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $2.87 million. In comparison, last year the company had a GAAP net loss of $3.96 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.