Maxim Group analyst Anthony Vendetti reiterated a Buy rating on Dermata Therapeutics (DRMA – Research Report) yesterday and set a price target of $6.00.
Anthony Vendetti has given his Buy rating due to a combination of factors including the promising results from Dermata Therapeutics’ Phase 3 trial of their acne treatment, Xyngari. The trial met all primary endpoints, showing a statistically significant improvement in acne symptoms compared to a placebo, which underscores the treatment’s efficacy and potential regulatory success.
Additionally, the once-weekly application of Xyngari offers a significant advantage over existing treatments that require daily use, potentially improving patient compliance. Despite being a pre-revenue company, Dermata’s financial position, with recent fundraising efforts, supports its ongoing development plans. The company’s innovative technology and the potential for partnerships or licensing agreements further bolster confidence in its future prospects, justifying the Buy rating.