Verrica Pharmaceuticals price target lowered to $10 from $15 at TD Cowen

TD Cowen lowered the firm’s price target on Verrica Pharmaceuticals (VRCA) to $10 from $15 and keeps a Buy rating on the shares. The firm said due to Q2 Ycanth inventory build, they expect Q3 will require destocking before normalization of demand-driven sales. To reflect this and ongoing use of compounded cantharidin, they have adjusted down both their 2024 Ycanth sales and near-term estimates.