Maxim Group raised its price target for Reviva Pharmaceuticals (NASDAQ:RVPH) to $10 from $3 after the company’s ongoing Phase 3 study in schizophrenia reached more than 30% enrollment, of total 400 patients, at sites in the U.S. The stock closed at $3.92 on Oct. 31.
Patient enrollment is ongoing with additional sites recently launched in Europe, writes analyst Jason McCarthy, Ph.D.. In addition, Reviva has received regulatory approval to initiate sites in India, which should be up and running before the end of 2022.
“The Phase 3 enrollment is progressing smoothly and is expected to accelerate with additional sites launching; top-line data readout remains on track for mid-2023, Dr. McCarthy said.
Reviva shares have risen during the past few months as the Phase 3 trial has progressed. Dr. McCarthy also cited “tailwinds in the schizophrenia space stemming from Karuna Therapeutics’ positive Phase 3 data in early August.”
Reviva also raised an additional $8.5-million in capital via equity financing in September, which combined with $19.4-million in cash at the end of the second quarter of 2022, should position the company with runway through the Phase 3 data that are expected in mid-2023.