Cowen analyst Ken Cacciatore said that after Foamix Pharmaceuticals announced a successful Phase 3 program evaluating FMX103 in the treatment of moderate-to-severe papulopustular rosacea on the heels of the Phase 3 success in acne, he believes strategic interest will now likely accelerate. He notes that management indicated that they don’t think they need additional capital to execute on their filing strategy or initial launch, which is “the type of commentary” he interprets as potentially signaling a willingness to entertain a potential business development deal or outright sale. Given the value of recent deals in the space, Cacciatore added that he believes Foamix shares are “meaningfully undervalued.” The analyst keeps an Outperform rating and $30 price target on Foamix.
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