Jefferies analyst Chris Howerton believes an FDA workshop on November 10 could result in the removal of black-box warnings for low-dose vaginal estrogen therapies, including TherapeuticsMD's Vagicap. All estrogen therapies have four black-box warnings for serious health risks, but the relevance of the warnings to low-dose vaginal estrogen has been questioned, Howerton tells investors in a research note. Without black-box warnings, the vulvar and vaginal atrophy market as well as the opportunity for TherapeuticsMD's Vagicap should increase significantly, the analyst contends. He keeps a Buy rating on TherapeuticsMD with a $15 price target. The women's healthcare product company is down 1c to $5.85 in afternoon trading.