Roth starts Daré Bioscience at buy; PT $6

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Roth Capital Partners initiated coverage of Daré Bioscience (NASDAQ:DARE) with a “buy” rating and $6 price target. The stock closed at $1.07 on May 15.

Daré brings innovation to the contraception market, writes analyst Yasmeen Rahimi. “We believe Daré is well-positioned with Ovaprene, a novel intravaginal ring that serves as monthly contraceptive without hormones to capture a significant market share given its efficacy, safety, and simple use,” she said.

Hormone free matters a lot to women, Ms. Rahimi said, adding that the combination of intolerable side effects and high contraindications illustrate a need for non-hormonal contraceptives like Ovaprene.

Yesterday, Daré announced initiation of its postcoital trial, which aims to enroll at least 25 women, evaluated over five cycles. Efficacy of Ovaprene will be measured by the proportion of women with an average of fewer than five progressively motile sperm per high-powered field two-or-three hours post coitus. Top-line results are expected in the second half of 2019.

In addition to Ovaprene, Daré is also developing topical siladenafil (also known as Viagra) for the treatment of female sexual arousal disorder, which is characterized by a persistent inability to attain sexual arousal.

Ms. Rahimi said the company requested a meeting with the FDA to establish a consensus on Phase 2b and Phase 3 protocol and endpoints followed by commencement of a Phase 2b trial in the second half of 2018.

Stephen Kilmer