Reviva Pharmaceuticals cut to Hold at Maxim

As previously reported, Maxim downgraded Reviva Pharmaceuticals (RVPH) to Hold from Buy. The firm is citing continued pressure on shares following the company’s one-for-20 reverse stock split effective March 9. While the capital infusion may support initiation of the second Phase 3 study for brilaroxazine, the company will still need additional capital, and with shares having already pulled back to under the $1.00 NASDAQ threshold, there is increased risk of delisting in addition to the continued financing overhang, the analyst tells investors in a research note.