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Fly News Breaks for November 8, 2018
ENDP, BSTC
Nov 8, 2018 | 07:32 EDT
H.C. Wainwright analyst Raghuram Selvaraju raised his price target for BioSpecifics Technologies (BSTC) to $81 after Endo International (ENDP) reported positive results from two identical Phase 3 trials of Collagenase Clostridium Histolyticum, or Xiaflex, for the treatment of cellulite. Earlier this month, BioSpecifics reported positive top-line data from the Phase 1 trial of CCH for the treatment of uterine fibroids, says the analyst. He believes Endo's data from 845 women with moderate to severe cellulite in the U.S. could be a "catalytic milestone" for both Endo and BioSpecifics as there is no FDA approved injectable treatment for cellulite in the aesthetics industry. Selvaraju increased the probability of success from 70% to 85% for BioSpecifics' cellulite indication. It is also possible that Endo may acquire BioSpecifics, Selvaraju tells investors in a research note. He reiterates a Buy rating on BioSpecifics shares.
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