Theravance Biopharma price target lowered to $21 from $40 at BTIG

BTIG lowered the firm’s price target on Theravance Biopharma (TBPH) to $21 from $40 and keeps a Buy rating on the shares after removing ampreloxetine from the firm’s model. The stock has traded within the expected range, with valuation support likely coming from Yupelri and residual Trelegy rights alone, as no clear path forward exists for ampreloxetine despite potential additional analyses, the analyst tells investors in a research note. Theravance plans to wind down R&D and reduce G&A, targeting about $70M in cost savings versus 2025 OpEx, while Yupelri continues to grow and generate milestones, Trelegy payments remain significant, incremental upside exists from China royalties, and $326.5M in cash provides runway through the strategic reset, BTIG says.