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Investing.com - Oppenheimer initiated coverage on Pelthos Therapeutics (NYSE:PTHS) with an Outperform rating and a price target of $50.00 on Tuesday. The stock, currently trading at $23.65, has shown remarkable momentum with a 269% gain year-to-date and 154% return over the past year, according to InvestingPro data.
Pelthos Therapeutics was formed through a July merger between Channel Therapeutics and a subsidiary of LGND that controlled rights to the FDA-approved ZELSUVMI treatment.
The company is currently focused on the commercial launch of ZELSUVMI, which was announced in July, for treating molluscum contagiosum (MC), a condition affecting approximately 6 million patients annually in the United States.
ZELSUVMI is one of only two products approved in the US for treating MC, with Oppenheimer projecting it will become the market leader over VRCA’s YCANTH due to its at-home application by patients or caregivers.
Oppenheimer’s outlook is supported by discussions with key opinion leaders who expressed preference for ZELSUVMI’s at-home application over in-office patient management.
In other recent news, Channel Therapeutics Corporation has announced a 10-for-1 reverse stock split of its common stock. This adjustment is set to take effect before the market opens on July 1, 2025. Following the reverse stock split, the company will begin trading under the name Pelthos Therapeutics Inc., although it will temporarily retain the CHRO ticker symbol. The ticker is expected to change to PTHS upon the completion of its previously announced merger with LNHC, Inc. These developments reflect significant changes in the company’s corporate structure and branding. Investors may want to monitor these changes as they could impact the company’s future operations and market presence.
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