BTIG analyst Robert Hazlett lowered his price target on Zosano Pharma to $16, updating his model after its in-line Q3 results and based on expectations for the company to require additional cash by year-end, while also pushing back his anticipated Qtrypta revenue to 2021. The analyst still keeps his Buy rating on the stock, with Zosano remaining on track to file its NDA for Qtrypta after the recent receipt of FDA minutes from pre-NDA meetings. Hazlett adds that the company's additional Phase 2/3 study of C213 in the treatment of cluster headache should "keep M207's differentiated profile in front of headache specialists."