Piper Jaffray Upgrades BioForm Medical (BFRM) to Neutral; Holding Their Own Against Larger Players

August 20, 2009 8:42 AM EDT

Piper Jaffray & Co. upgrades BioForm Medical (Nasdaq: BFRM) from Underweight to Neutral. Price target increased from $3 to $4.

Piper analyst says, "BFRM's sales, up 14.7% y/y, appeared to hold their own against the larger players. Allergan reported a ~12% decline for facial aesthetics in the June quarter. MRX's dermal filler sales look to have had a similar decline. In other words, we believe BFRM's Radiesse® gained a larger slice of a smaller pie...BFRM management stated that they believe the NDA submission for polidocanol is completed. Polidocanol is a leading treatment for spider veins in Europe in a procedure called sclerotherapy. However, the product is not commercially available in the US as an FDA labeled treatment. We expect an uneventful approval process culminating in 2H CY10, allowing for our bias that in general FDA approvals will continue to slow. We delayed our assumption for a U.S. polidocanol launch by 1 quarter."

To see more analyst ratings on BFRM Click Here.

BioForm Medical, Inc., a medical aesthetics company, focuses on developing and commercializing products that are used by physicians to enhance a patient's appearance.

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