H.C. Wainwright analyst Raghuram Selvaraju raised his price target for Foamix Pharmaceuticals to $12 from $11 citing the positive top-line results from two pivotal Phase 3 clinical trials of FMX103 for the treatment of moderate-to-severe papulopustular rosacea. The analyst believes the high level of statistical significance underscores the degree of efficacy observed. He reiterates a Buy rating on Foamix and says the stock remains “substantially undervalued.”
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