Biofrontera Initiated with a Buy at Roth Capital, Stock Surges
By Sam Boughedda
Investing.com — Biopharmaceutical firm Biofrontera Inc (NASDAQ:BFRI) has seen its share price jump 135% to $6.19 in Wednesday trading after analysts at Roth Capital initiated the stock with a buy rating.
The stock, which made its public debut on October 28, had been steadily declining since touching an intraday high of $4.99 at the start of November.
Roth analyst Jonathan Aschoff set a 12-month price target of $20 for the shares, saying they project future U.S. revenue from the Ameluz and Xepi treatments in actinic keratosis and impetigo, respectively.
“Our initial valuation excludes potential commercial upside from any potential future programs, given BFRI’s clear focus on its two currently approved drugs,” Aschoff said.
On Tuesday, Biofrontera announced that it will release its third-quarter results on November 30.