Botanix Pharmaceuticals (ASX:BOT) is poised for a significant stock re-rating as it nears the full commercial launch of Sofdra, a prescription treatment for excessive underarm sweating, according to a Tuesday note by Euroz Harlteys.
Euroz Hartleys expects sales from the launch to push the stock above Botanix Pharmaceuticals' price target.
On Jan. 31, the company said that the full commercial launch of Sofdra is officially underway, with sales professionals set to hit the field within the next week.
Botanix Pharmaceuticals also said a digital launch of Sofdra is scheduled for the quarter.
Euroz noted that the company has completed agreements with all major health insurers in the US to ensure that Sofdra, will be covered under the insurers' plans.
The agreements will make Sofdra accessible to 167 million people who are covered by these insurers, Euroz added.
The company has also met the criteria for US government health programs, granting Sofdra access to an additional 80 million people starting in March.
Euroz Hartleys maintained Botanix Pharmaceuticals' buy rating and its price target of AU$0.55.
Shares of the company rose 5% at market close.
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