FBR Capital Reiterates a Buy Rating on InnocollBy Austin Angelo
In a report issued on November 4, Edward White from FBR Capital reiterated a Buy rating on Innocoll (NASDAQ: INNL), with a price target of $13. The company’s shares opened today at $2.89, close to its 52-week low of $2.20.
“After the close on November 3, Innocoll announced that the Phase III COACT-1 and COACT-2 trials for Cogenzia (gentamicin collagen topical matrix) did not achieve statistical significance in improving clinical cure in diabetic foot infections (DFI). While there were trends toward clinical response (clinical cure plus improvement) in the Cogenzia arm and the placebo collagen-matrix arm, neither COACT-1 nor COACT-2 achieved statistical significance on their shared primary endpoint of clinical cure after 28 days. Cogenzia was administered in conjunction with systemic antibiotics and wound therapy, which is the standard of care (SOC). The company will host a conference call on November 4, at 8:30am.”
According to TipRanks.com, White is ranked 0 out of 5 stars with an average return of -16.2% and a 15.4% success rate. White covers the Healthcare sector, focusing on stocks such as Spectrum Pharmaceuticals, RXi Pharmaceuticals Corp, and Synthetic Biologics Inc.
Innocoll has an analyst consensus of Moderate Buy.
Based on Innocoll’s latest earnings report from June 30, the company posted quarterly revenue of $1.45M and quarterly net profit of -$14.29M. In comparison, last year the company earned revenue of $668.4K and had a net profit of -$7.62M.