Roth Capital lowered the firm’s price target on Reviva Pharmaceuticals (RVPH) to $1.50 from $3 and keeps a Buy rating on the shares after the company’s request to file an NDA without a second Phase 3 schizophrenia study was denied by the FDA. While “disappointed” about today’s update, the firm notes that its base case scenario assumed a second Phase 3 study would be needed. The firm remains “optimistic” about brilaroxazine, but lowers its price target in anticipation of equity dilution as it notes that the company requires about $60M to $75M to execute the second Phase 3 study.
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Read More on RVPH:
- H.C. Wainwright still sees schizophrenia approval for Reviva in 2028
- Reviva Pharmaceuticals: Buy Rating Reaffirmed as Additional Phase 3 Trial Leaves Schizophrenia Launch and DCF‑Backed Upside Intact
- Roth says Reviva may need additional $60M-$75M for schizophrenia study
- Reviva plans second Phase 3 trial after FDA feedback
- Reviva Pharmaceuticals announces regulatory update regarding brilaroxazine