Verrica Pharma down on profit-taking after skin therapy approval

Verrica Pharmaceuticals

24/07/2023 18:10

** Verrica Pharmaceuticals Inc's shares  VRCA.O  fall 34% to
$4.8 - biggest one-day pct loss in over a year
    ** U.S. FDA late on Friday approved VRCA's treatment for a
viral skin infection called molluscum contagiosum in adults and
children aged 2 years and above
    ** Brookline Capital Markets analyst attributed the share
fall to profit-taking and said the stock has gained 35% this
month on anticipation of approval
    ** Verrica's drug, Ycanth, becomes the first approved
treatment for the viral skin disease in the U.S.; it will be
available by September 
    ** Ahead of the approval, analysts at Needham estimated the
price would be around $500 an applicator, and estimates peak
sales in the range of $200 mln    
    ** Including session losses, stock has fallen ~74% YTD

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))