H.C. Wainwright raised its price target for Trevena (NASDAQ:TRVN) to $1.25 from 75 cents, saying that resolution on two clinical requests from the FDA paves a path for the company’s NDA resubmission for oliceridine, a treatment for moderate-to-severe pain. The stock closed at $1.12 on Feb. 4.
Last week, Trevena announced that it has received and reviewed the meeting minutes from its recent Type A meeting with the FDA. As a result, the company believes it has an initial path forward to respond to the oliceridine complete response letter (CRL), writes analyst Ed Arce.
“Overall, we are pleased with the path offered to resolve the two main issues from the CRL, and in aggregate, view them as the best-case scenario for Trevena,” he added.
No additional clinical trials or patient data on either efficacy or safety is required. “However, while we view this announcement as a positive first step, we still have no definitive clarity on the ultimate approval timeline,” Mr. Arce said.
