- Analysts raised the 12-month stock price target to US$20.
- The BFRI jumped 115% in intraday trading after the positive comments.
- The Massachusetts-based company specializes in dermatology drugs and medical cosmetics, mainly for skin diseases caused by sunburn.
Shares of Biofrontera Inc. (NASDAQ: BFRI) jumped more than 115% after positive analysts rating for the stock. It was trading at US$5.68 at 11:31 am ET, up 115.97% from its last close.
After considering Biofrontera’s revenue potential from the drugs Amelux and Xepi, Wall Street analysts projected a 12-month stock price target of US$20 for the stock. These two approved drugs are seen as fundamental to Biofrontera’s growth over the next few months.
The Biofrontera stock declined about 40% this year. But these two drugs offer a silver lining - an opportunity to improve its declining stock prices. Analysts expect improved US sales for Amelux and Xepi. The upbeat assessment drove up the stock price in intraday trading on Wednesday.
The Woburn, Massachusetts-based biopharmaceutical company specializes in dermatological drugs and medical cosmetics, especially for skin diseases caused by sunburn.
The company was established by Hermann Lubbert in 1997.
Lubbert leads the company as its CEO.
Biofrontera’s lead product is a combination of Ameluz, a topical prescription drug, and BF-RhodoLED, a medical device. Ameluz is designed to treat patients suffering from superficial skin cancers with "photodynamic therapy.”
Its other important products include Xepi and Belixos.
Stock performance and financials
The Massachusetts-based firm has a market cap of US$63.45 million. Its stock saw the highest price of US$4.99 and the lowest price of US$2.25 in the last 52 weeks.
Its trading volume on November 23 was 324,366.
Biofrontera will report its third-quarter earnings for fiscal 2021 on November 30 at 4:30 pm ET.
It started trading on Nasdaq on Oct 29, 2021.
For the six months ended on June 30, 2021, its net revenue was US$10.59 million compared to US$7.02 million in the same period a year ago. Its net loss was US$7.19 million against a loss of US$7.81 million for the six months ended on June 30, 2020.
The healthcare sector is among the top performers this year, helped by strong demand for covid vaccines and other healthcare support. Robust investments in drug research and development and speedy approvals also facilitated its growth.