FibroBiologics target adjusted to $8 at H.C. Wainwright after reverse split

H.C. Wainwright adjusted the firm’s price target on FibroBiologics (FBLG) to $8 from $4 and keeps a Buy rating on the shares based on the announced 1-for-20 reverse stock split, the closed $3M public offering completed this month, anticipation heading towards prospective fibroblast therapy validation in diabetic foot ulcer patients during the first half of this year and modestly reducing the firm’s peak DFU market penetration estimate to 8% from 10% to remain conservative.