Joseph Pantginis, an analyst from H.C. Wainwright, reiterated the Buy rating on Botanix Pharmaceuticals Limited. The associated price target remains the same with A$2.00.
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Joseph Pantginis has given his Buy rating due to a combination of factors, primarily driven by the strong U.S. launch of Sofdra, Botanix Pharmaceuticals Limited’s topical treatment for primary axillary hyperhidrosis. The recent quarterly update revealed a significant increase in prescriptions and net revenue, with Sofdra’s revenue growing from $4.3 million in the previous quarter to $7.1 million, surpassing initial projections.
The market potential for Sofdra is substantial, given that primary axillary hyperhidrosis affects approximately 4.8% of the U.S. population, translating to a sizable market opportunity. Additionally, the company’s improvements in Gross-to-Net metrics and a strong cash position of $49.2 million support its growth plans. The expansion of the sales force from 27 to 50 professionals is expected to further drive sales and market penetration, reinforcing the positive outlook for Botanix Pharmaceuticals Limited.
Pantginis covers the Healthcare sector, focusing on stocks such as Lexicon Pharmaceuticals, Capricor Therapeutics, and Astria Therapeutics. According to TipRanks, Pantginis has an average return of 1.3% and a 44.82% success rate on recommended stocks.