2020-10-12 11:59:43 FBIO Fortress Biotech
Avenue Therapeutics
10/12/20 10/1211:59 10/12/2011:59 | H.C. Wainwright cuts Fortress Biotech target to $10 after Avenue's 'bizarre' CRLH.C. Wainwright analyst Joseph Pantginis lowered the firm's price target on Fortress Biotech (FBIO) to $10 from $11 after Avenue Therapeutics (ATXI) announced that it has received a CRL from the FDA regarding the company's new drug application for IV tramadol. The analyst, who said it "would be an understatement to say that both management and us were shocked about the nature of the CRL," reminds investors that Fortress intended after NDA approval to finalize the second phase of the planned transaction between InvaGen and Avenue for an aggregate cash purchase of up to $180M payable to Avenue shareholders. For IV tramadol, Pantginis is adjusting his launch year estimate to 2023 from 2020 and lowering his projected chance of success to 40% from 90%. He Keeps a Buy rating on Fortress Biotech shares. Fortress Biotech
Avenue Therapeutics
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