Biofrontera (NASDAQ:BFRI) Shares Down 3.5% – Here’s Why

Biofrontera Inc. (NASDAQ:BFRI)’s share price dropped 3.5% during trading on Friday . The company traded as low as $1.09 and last traded at $1.11. Approximately 59,963 shares changed hands during trading, a decline of 90% from the average daily volume of 604,234 shares. The stock had previously closed at $1.15.

Analysts Set New Price Targets

Separately, Benchmark reiterated a “buy” rating and issued a $7.00 price target on shares of Biofrontera in a report on Friday, November 15th.

Biofrontera Stock Down 3.5 %

The company has a market capitalization of $8.60 million, a price-to-earnings ratio of -0.49 and a beta of 0.29. The business’s 50-day moving average is $1.09 and its 200-day moving average is $1.06.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BFRI. Virtu Financial LLC purchased a new stake in Biofrontera in the 4th quarter worth approximately $48,000. AIGH Capital Management LLC boosted its holdings in Biofrontera by 61.8% during the fourth quarter. AIGH Capital Management LLC now owns 811,097 shares of the company’s stock worth $884,000 after buying an additional 309,663 shares in the last quarter. Finally, Rosalind Advisors Inc. boosted its holdings in Biofrontera by 63.9% during the fourth quarter. Rosalind Advisors Inc. now owns 811,918 shares of the company’s stock worth $885,000 after buying an additional 316,428 shares in the last quarter. 10.08% of the stock is currently owned by hedge funds and other institutional investors.

About Biofrontera

Biofrontera Inc, a biopharmaceutical company, engages in the commercialization of pharmaceutical products for the treatment of dermatological conditions in the United States. The company's products are used for the treatment of actinic keratoses, which are pre-cancerous skin lesions, as well as impetigo, a bacterial skin infection.