Achieve Life Sciences shares are trading lower after the company announced that New Drug Application filing timing may be delayed to address FDA feedback on Cytisinicline. Also, Oppenheimer lowered its price target from $21 to $18 on the stock.
Portfolio Pulse from Benzinga Newsdesk
Achieve Life Sciences' stock price has fallen following the announcement of a potential delay in the New Drug Application filing for Cytisinicline due to FDA feedback. Additionally, Oppenheimer has reduced its price target for Achieve Life Sciences from $21 to $18.
December 12, 2023 | 8:59 pm
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NEGATIVE IMPACT
Achieve Life Sciences' stock is expected to face downward pressure in the short term due to the potential delay in the New Drug Application for Cytisinicline and a lowered price target by Oppenheimer.
The news of a potential delay in the New Drug Application filing is a significant setback for Achieve Life Sciences, as it may push back the timeline for Cytisinicline's market entry. This regulatory hurdle, combined with a lowered price target from a reputable financial institution like Oppenheimer, can undermine investor confidence and lead to a short-term decline in the stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100