Biofrontera (NASDAQ:BFRI) Trading Down 5.6% – Here’s What Happened

Biofrontera Inc. (NASDAQ:BFRI)’s share price dropped 5.6% during mid-day trading on Thursday . The company traded as low as $0.8010 and last traded at $0.8379. Approximately 94,857 shares changed hands during trading, a decline of 20% from the average daily volume of 118,083 shares. The stock had previously closed at $0.8875.

Analyst Upgrades and Downgrades

BFRI has been the topic of several research analyst reports. Benchmark reaffirmed a “buy” rating on shares of Biofrontera in a research note on Friday, November 14th. Weiss Ratings restated a “sell (e+)” rating on shares of Biofrontera in a research report on Thursday, October 30th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Biofrontera has a consensus rating of “Hold” and an average price target of $2.75.

Biofrontera Stock Performance

The stock has a market cap of $9.76 million, a price-to-earnings ratio of -0.51 and a beta of 0.62. The firm’s 50-day simple moving average is $0.82 and its two-hundred day simple moving average is $0.91.

Biofrontera (NASDAQ:BFRI) last announced its quarterly earnings data on Wednesday, November 12th. The company reported ($0.59) EPS for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.01. The firm had revenue of $6.99 million for the quarter, compared to analyst estimates of $7.00 million. Biofrontera had a negative return on equity of 1,104.09% and a negative net margin of 47.28%. Equities research analysts expect that Biofrontera Inc. will post -3.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biofrontera

A hedge fund recently raised its stake in Biofrontera stock. Rosalind Advisors Inc. raised its holdings in shares of Biofrontera Inc. (NASDAQ:BFRI) by 16.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 1,140,764 shares of the company’s stock after acquiring an additional 164,316 shares during the period. Biofrontera makes up 0.4% of Rosalind Advisors Inc.’s holdings, making the stock its 25th largest position. Rosalind Advisors Inc. owned 9.79% of Biofrontera worth $1,124,000 as of its most recent SEC filing. Institutional investors and hedge funds own 10.08% of the company’s stock.

About Biofrontera

Biofrontera AG is a specialty biopharmaceutical company focused on the research, development and commercialization of products for dermatological applications. The company’s core expertise lies in photodynamic therapy (PDT), a treatment modality that uses a photosensitizing agent activated by a specific light source to target diseased skin cells while sparing surrounding healthy tissue.

The flagship product in Biofrontera’s portfolio is Ameluz (aminolevulinic acid hydrochloride 10 % gel), which has received marketing approval in the European Union for treatment of actinic keratosis and basal cell carcinoma, and in the United States for actinic keratosis.