The skin condition expert fell to an annual low yesterday
Near the top of the Nasdaq today sits Foamix Pharmaceuticals Ltd (NASDAQ:FOMX), up 12.7% to trade at $11.4, after the drugmaker said its experimental foam treatment for rosacea met its late-stagy study goals. The company expects to file for a U.S. marketing application in 2019, with some projecting sales for the treatment to reach $110 million by 2023.
Foamix Pharmaceuticals stock is on pace for its best day since March 29. FOMX gapped higher back in mid-September following drug data, but since then has dug out a channel lower lows, culminating in an annual bottom of $4.12 yesterday. With today's rally, though, the shares are on track to close above their 20-day moving average for the first time since Sept. 25.
Analysts have yet to come forward with bull notes, likely because they are already firmly entrenched in the bullish camp. All of the brokerages covering FOMX rate it a "strong buy," and its consensus 12-month price target of $16.20 is a substantial premium to the stock's current perch.
Despite limited absolute volume, calls have held a distinct advantage in the options pits. Data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows 455 calls were bought to open in the last 10 days, compared to just 95 puts.