Shares of Biofrontera Inc (NASDAQ: BFRI) jumped nearly 50% on Wednesday after Roth Capital said the stock is ready for a massive rally up.
Analyst Jonathan Aschoff sees upside to $20
On Wednesday, Roth Capital’s Jonathan Aschoff assumed coverage of the BFRI stock with a “buy” rating and a price target of $20 that represents another 300% increase on top of today’s sharp surge that added millions to its market capitalization that now stands at $56.50 million.
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Biofrontera is committed to increasing Ameluz sales in the United States, which will serve as a catalyst fuelling the BFRI stock, the analyst wrote. He also sees Biofrontera’s clinical data for Ameluz as “superior to peers”.
Biofrontera Inc is scheduled to report its financial results for the fiscal third quarter on November 30th.
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A brief overview of Biofrontera Inc
Founded in 1977, Biofrontera is a biopharmaceutical firm focused on medical cosmetics and dermatological drugs.
The Massachusetts’ headquartered company has been marketing Ameluz for Actinic Keratosis in the U.S. since 2016 after successfully launching it in Europe in 2012. Biofrontera’s other offerings include the dermo-cosmetics series Belixos and Xepi for Impetigo.
As of writing, a little under 200 million shares have been traded today because of the Biofrontera stock news versus BFRI average daily trading volume of only 1.7 million. Biofrontera Inc listed on the Nasdaq Stock Exchange late last month at a per-share price of $4.41.
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