Maxim Group Keeps Their Buy Rating on BioPharmX Corp

By Austin Angelo

Maxim Group analyst Anthony Vendetti reiterated a Buy rating on BioPharmX Corp (NYSE: BPMX) today and set a price target of $3. The company’s shares closed yesterday at $0.59.

Vendetti wrote:

“In addition to the Investor Day, BPMX released detailed phase 2b data. The study data demonstrated a 58.5% reduction in the number of acne lesions using 2% BPX-01 compared to 43.8% in vehicle. We believe the difference of 14.7 percentage points is significant. The data also showed that BPX-01 is well tolerated among its patients. We expect BPMX to request an end of BPX-01 phase 2 meeting with the FDA in F2Q18 (July), and to begin its phase 3 study in F3Q18 (Oct). The company also announced positive early results in its rosacea trial.”

According to TipRanks.com, Vendetti is a 5-star analyst with an average return of 17.8% and a 67.1% success rate. Vendetti covers the Healthcare sector, focusing on stocks such as Xtant Medical Holdings, Quest Diagnostics Inc, and Milestone Scientific.

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

The company has a one year high of $1.22 and a one year low of $0.19. Currently, BioPharmX Corp has an average volume of 2.18M.

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BioPharmX Corp. engages in providing healthcare products through platform technologies for pharmaceutical, over-the-counter and supplement applications in dermatology. The company was founded by James R. Pekarsky on August 30, 2010 and is headquartered in Menlo Park, CA.