HC Wainwright Bullish On This Small Cap Stock As Enrollment Starts In Pivotal Skin Disease Trial

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  • Earlier this month, Timber Pharmaceuticals Inc TMBR reported that the first four patients had been enrolled in the Phase 3 ASCEND study of TMB-001 (topical isotretinoin, 0.05%). 
  • TMB-001 is under development for congenital ichthyosis (CI), a rare skin disorder characterized by dry, thickened, and scaling skin that affects around 80K people in the U.S.
  • In a Phase 2b trial, 100% of TMB-001-treated patients achieved a 50% reduction in the Visual Index for Ichthyosis Severity scaling score (VIIS-50) at week 12 vs. 40% in the placebo group.
  • Citing the side effects of oral isotretinoin, HC Wainwright views topical TMB-001 as a new standard of care (SOC) for CI treatment if the ASCEND study proves positive.
  • The analyst lowered the price target from $1.50 to $1 with a Buy rating, accounting for dilution from recent financing of $8 million.
  • HC Wainwright expects a straightforward path for TMB-001, given the agent’s validated mechanism of action and positive Phase 2b data, with the U.S. launch expected in 2025.
  • Price Action: TMBR shares are down 3.88% at $0.1141 on the last check Monday.
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