Pelthos Therapeutics target adjusted at Alliance after merger, reverse split

Alliance Global Partners raised the firm’s price target on Pelthos Therapeutics (PTHS) to $60 from $8.50 and keeps a Buy rating on the shares after Chromocell Therapeutics (CHRO) completed a merger, resulting in a name change to Pelthos and a 10:1 reverse stock split. The firm’s price target is based on a sum-of-the-parts analysis that values Zelsuvmi for molluscum contagiosum infections at $48 per share, CT2000 for eye pain at $10 per share, and the remaining compounds and the underlying technology and cash at $2 per share.