Sol Gel Technologies Ltd. (SLGL) PT Raised to $33 at JMP Securities on Twyneo Ph3 Success

JMP Securities analyst Donald Ellis raised the price target on Sol Gel Technologies Ltd. (NASDAQ: SLGL) to $33.00 (from $20.00) after Twyneo demonstrated statistically significant efficacy on all co-primary endpoints in Ph.3 studies.

The analyst stated "Sol-Gel plans to file an NDA in 2H20 with a potential approval in 2H21. There has been a lack of innovation in the space and we believe physicians will be excited to try a new product with impressive activity compared to control. Management will hold a conference call on January 8th at 8 a.m. EST to provide additional details on the Ph.3 results. Our new price target is based on a peer 2021 EV/sales multiple of 4.1x (3.0x previously) applied to our risk-adjusted 2022 revenue estimate of $189M ($155M previously)". No change to the Market Outperform rating.

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