Maxim Group Thinks BioPharmX Corp’s Stock is Going to Recover

Maxim Group analyst Anthony Vendetti maintained a Buy rating on BioPharmX Corp (BPMXResearch Report) yesterday and set a price target of $3. The company’s shares opened today at $0.81, close to its 52-week low of $0.60.

Vendetti observed:

“This morning, before the Market open, BPMX announced positive topline results from its Phase 2b trial of BPX-04 for papulopustular rosacea.”

According to TipRanks.com, Vendetti is a 3-star analyst with an average return of 1.5% and a 44.6% success rate. Vendetti covers the Healthcare sector, focusing on stocks such as Restoration Robotics Inc, Xtant Medical Holdings, and Ra Medical Systems Inc.

BioPharmX Corp has an analyst consensus of Moderate Buy, with a price target consensus of $3.

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Based on BioPharmX Corp’s latest earnings release for the quarter ending April 30, the company reported a quarterly GAAP net loss of $3.62 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.