Lake Street initiated coverage of Journey Medical with a Buy rating and $9 price target. The approval and launch of DFD-29 into the rosacea market will be “a transformative event” for Journey and the company has “a potential therapeutic category leader in its portfolio” after having gambled and won on superiority versus Oracea, the incumbent, the analyst tells investors. With minimal incremental spend required to support the DFD-29 launch, the firm expects the DFD-29 contribution to drive “substantial” revenue growth and swing AEBITDA to positive in 2025, the analyst added.
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