On Friday, Aquestive Therapeutics (NASDAQ:AQST) received a revised price target as Oppenheimer recognized the success of its recent pivotal trial. The price target for the biopharmaceutical company's shares was increased to $12.00, up from the previous $10.00, while the Outperform rating was maintained.
The adjustment follows the announcement that Aquestive Therapeutics' Anaphylm, a treatment for severe allergic reactions, met all pharmacokinetic (PK) endpoints in its pivotal trial. The single-dose study, which included 64 participants, showed promising PK performance across various measures compared to existing treatments like autoinjectors and manual intramuscular adrenaline injections.
The firm highlighted the importance of PK sustainability, noting that Anaphylm maintained adrenaline levels above the hemodynamic threshold of 100pg/ml for a duration that exceeded the critical treatment window. This was seen as a significant achievement, particularly given the U.S. Food and Drug Administration's (FDA) emphasis on this aspect of drug performance.
In addition to the single-dose results, the repeat-dose study involving 36 subjects demonstrated that all participants reached the target adrenaline level within five minutes. The safety profile of Anaphylm, consistent with previous findings, was also mentioned as a reassuring factor in the assessment.
Oppenheimers positive outlook is further bolstered by Aquestive Therapeutics' recent Type C meeting with the FDA and the confirmation of a New Drug Application (NDA) submission timeline by the end of 2024. The company's progress and the promising trial results underpin the decision to raise the price target and reiterate the Outperform rating.
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