Raymond James: Strong Buy on ARS Pharmaceuticals, Anaphylm Market Entry May Be Delayed by a Year
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 09 2026
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ARS Pharmaceuticals' (SPRY) competitor Aquestive Therapeutics (AQST) received an FDA letter citing NDA deficiencies for Anaphylm, preventing discussion of labeling and post-marketing commitments, though the review remains ongoing and no final decision has been made, Raymond James tells investors in a research note. Given past safety concerns highlighted by ARS Pharmaceuticals, a complete response letter is considered likely, potentially delaying Anaphylm's market entry by about a year or more, the firm says. The firm has a Strong Buy rating on ARS Pharmaceuticals.
Analyst Views on AQST
Wall Street analysts forecast AQST stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for AQST is 8.40 USD with a low forecast of 8.00 USD and a high forecast of 10.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
5 Analyst Rating
5 Buy
0 Hold
0 Sell
Strong Buy
Current: 3.240
Low
8.00
Averages
8.40
High
10.00
Current: 3.240
Low
8.00
Averages
8.40
High
10.00
About AQST
Aquestive Therapeutics, Inc. is a pharmaceutical company. The Company is engaged in developing orally administered and topical gel products to deliver complex molecules, providing novel alternatives to invasive and inconvenient standard of care therapies. It has four commercialized products marketed by the Company’s licensees in the United States and around the world and is the manufacturer of these licensed products. The Company also collaborates with pharmaceutical companies to bring new molecules to market using proprietary technologies, including PharmFilm, and has proven drug development and commercialization capabilities. The Company is advancing a late-stage proprietary product candidate for the treatment of severe allergic reactions, including anaphylaxis, and an early-stage epinephrine prodrug topical gel product candidate for various possible dermatology conditions. Its portfolio includes Anaphylm, AQST-108, Libervant, Suboxone, and Emylif.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
