Piper Jaffray analyst Christopher Raymond keeps an Overweight rating on Sophiris Bio with a $7 price target following this morning's update from the Phase 2b localized prostate cancer trial. As expected, Sophiris reported six-month biopsy data for patients receiving a second administration of topsalysin, but no further clinically significant changes to prostate lesions were observed, Raymond tells investors in a research note. However, the analyst thinks the Phase 3 trial design and regulatory feedback remain key catalysts for the stock given the "compelling" six-month data from the single administration of topsalysin. He remains a buyer of Sophiris Bio shares, which are down 42% in late morning trading to $1.20.