H.C. Wainwright raised its price target for STRATA Skin Sciences (NASDAQ:SSKN) to $5 from $3 after the company announced new clinical data that is expected to drive patient growth and retention. The stock closed at $3.49 on Oct. 1.
STRATA announced the completion of a multi-center clinical study investigating efficiency and efficacy of its FDA cleared Multi-Micro Dose (MMD) diagnostic tip accessory for the company’s XTRAC excimer laser, which delivers a highly targeted therapeutic beam of UVB light to treat psoriasis and vitiligo.
“The new data support the goal of obtaining meaningful and faster outcomes in order to increase patients’ satisfaction and retention,” writes analyst Joseph Pantginis.
Mr. Pantginis said the new Optimal Therapeutic Dose data should represent an “important tipping point in driving patient revenue, in our belief. Further, the data come at an opportune time following the Aug. 6, 2018 510(k) FDA clearance for the MMD tip accessory.”
Ahead of these new data, he said STRATA light therapy clinical studies to be published by the end of 2018 showed the ability to drive the number of treatments down for psoriasis coupled with fast and good clinical outcomes. “We also believe that these data may foster further discussions with regulatory agencies and the engagement of potential partners down the road.”
