Oppenheimer analyst Mazahir Alimohamed assumed coverage of Aquestive Therapeutics with an Outperform rating and $8 price target. The firm views Aquestive as a regulatory execution story for Anaphylm, with NDA resubmission in Q3 2026 and approval as the primary catalysts. Following the January 2026 CRL, the debate has shifted from differentiation to execution against a defined remediation path centered on packaging, administration, human factors, and a supportive PK study. Importantly, the March 2026 Type A meeting provided clarifying FDA feedback on PK and HF study designs, which Oppenheimer views as constructive, though the path remains not fully de-risked.
