Maxim upgraded Reviva Pharmaceuticals (RVPH) to Buy from Hold with a $7 price target The company has taken steps to address its financing overhang, raising $18M in gross proceeds on December 16 and funding the company through the upcoming full data from its open-label extension study as well as the planned launch of RECOVER-2, the analyst tells investors in a research note. The upgrade also reflects Reviva’s de-risking of preliminary data from the OLE study as the company prepares to get the second Phase 3 study going after the first “successful” de-risking Phase 3 trial, Maxim adds.
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