Noble Financial affirms TherapeuticsMD (NYSE: TXMD) with a Buy rating, but trimmed its price target from $18 down to $17.50 following the company's Q4 report issued Thursday night.

Analyst Nathan Cali commented that the lowered price target comes amid an increase in the company's outstanding shares. The analyst also noted the following from TXMD's report:

• Reported additional phase III data for solubilized estradiol softgel Vagicap formulation for the treatment of Vulvar and vaginal atrophy (VVA) in menopausal aged women; all three doses 4mcg, 10mcg, 25mcg showed statistically significant reduction in vaginal dryness, a co-primary endpoint, vaginal dryness is correlated to pain during intercourse (dyspareunia)
• Update on first-in-class bio-identical estradiol/progesterone single pill combination product (TX-001HR) for the treatment of vasomotor symptoms; ongoing phase III REPLENISH trial, over 1400 subjects have already exited the trial, and have reported an incidence of endometrial hyperplasia below 1% which, is the required threshold for the primary endpoint for endometrial protection; demonstrates encouraging potential of progesterone opposing effects and validation of formulation

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