Aquestive Therapeutics assumed with an Outperform at Oppenheimer

Oppenheimer assumed coverage of Aquestive Therapeutics (AQST) with an Outperform rating with a price target of $7, down from $15, following quarterly results. With the Anaphylm NDA submitted on April 1, management expects an FDA response next month and a potential action date in late January/early February 2026. Preparations for a potential AdCom are ongoing. The firm is encouraged by ongoing commercialization efforts, including commercial team build-out, growing anaphylaxis awareness, and continuing payer engagements. Aquestive also plans to engage ex-U.S. regulators and pursue partnerships to strengthen its balance sheet, adds Oppenheimer.