Brookline upgrades Dare Bioscience to Buy on improved funding

Brookline analyst Kemp Dolliver last night upgraded Dare Bioscience (DARE) to Buy from Hold with a $3 price target. Dare recently secured $22M in non-dilutive funding from a royalty monetization transaction with Xoma (XOMA), the analyst tells investors in a research note. The company’s Q1 update highlighted management’s plan to focus on late-stage assets that can create value with current funding, says Brookline. The firm believes that while the Xoma transaction does not fully fund both Dare’s Phase 3 programs, it increases the probability of getting to the Ovaprene readout while giving management flexibility to obtain funding for the Sildenafil trial.