Raymond James Reiterates Outperform Rating on Aquestive Therapeutics (AQST)

Raymond James analyst Gary Nachman reiterated an Outperform rating and $7.00 price target on Aquestive Therapeutics (NASDAQ: AQST).

The analyst comments "1Q results missed, and revenue guidance was lowered with adverse Libervant ruling; however, focus remains on Anaphylm where AQST is on track with regulatory timeline and pre-commercial activities, and all resources dedicated to that success. AQST completed its Anaphylm NDA filing in late-1Q, with FDA acceptance expected in June, and anticipates a PDUFA in Jan./Feb. 2026 and launch soon after in 1Q26. Following filing acceptance, there should be greater clarity on whether an AdComm will be required, but AQST continues to prepare for one (we believe high likelihood will occur given new delivery method); notably, there have been no regulatory communication/timeline disturbances and no changes in FDA review team (given recent FDA/HHS uncertainties with staffing cuts). All pre-commercial activities are progressing well, with AQST focused on driving awareness (publications, scientific conferences) and positioning for favorable market access (payer discussions ongoing, bolstered market access and medical affairs team). Libervant had an unfavorable court ruling, and AQST is no longer promoting it until 2027 (drove lower revenue guide, but cost savings as well so net cash flow positive), and AQST-108 Ph2 start was pushed to 1H26 (from 2Q25) as AQST is shifting all resources towards Anaphylm approval. Regarding tariffs, AQST is well insulated with U.S. mfg./IP. 1Q cash of ~$69M provides runway into 2026 and initial Anaphylm launch (ex-U.S. partnership and debt refi could extend to 2027). We slightly lowered estimates, PT remains $7; maintain Outperform."

For an analyst ratings summary and ratings history on Aquestive Therapeutics click here. For more ratings news on Aquestive Therapeutics click here.

Shares of Aquestive Therapeutics closed at $2.85 yesterday.

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