Piper Jaffray analyst Christopher Raymond lowered his price target on Sophiris Bio to $5 after its "quiet" quarter when the company only saw data from the second dosing of topsalysin in the phase 2B localized prostate cancer trial. The analyst states that its new forecast reflects the uncertainty over topsalysin's path to market and models a lower implied multiple of 5-times his expected FY24 revenue estimate vs. 8-times prior. Longer term, Raymond keeps his Overweight rating, saying topsalysin is an "attractive alternative to current localized prostate cancer treatment options including active surveillance, HIFU, radiation or radical prostatectomy".