The Geniuses at RBC Have Lowered Their Price Target of $KMPH, Post Apocalypse

The biotech Einsteins at RBC have assessed their price target of KMPH and decided that their price target was a little ‘excessive’ in light of the 55% drubbing the stock is undergoing during today’s trade.

But don’t worry lads, they’re effervescently optimistic about the future.

RBC Capital Mkts lowers their KMPH tgt to $14 from $22. The FDA Advisory Committee voted 16 to 4 to support approval for Apadaz but 18 to 2 against inclusion of an abuse-deterrent claim in the label. While the outcome is disappointing, it does not speak to the overall platform value of co’s prodrug technology; mgmt will work with FDA ahead of the June 9 PDUFA. Firm expects Apadaz to be approved, with the AdCom voting overwhelmingly in favor for FDA to approve the prodrug. But the key was the abuse-deterrence labeling of Apadaz, and the AdCom was decisively opposed. The crux of the argument lay with co’s clinical data, which the AdCom indicated displayed “lack of evidence” of a clear distinction of abuse deterrence.