Mackie Research downgraded Correvio Pharma (NASDAQ:CORV) to “hold” from “speculative buy” but raised its price target to $4.70 from $3.30, citing the stock’s run up after a positive FDA announcement on the company’s Brinavess drug. The stock closed at $4.82 on August 10.
The FDA has informed the company it would be permissible to re-submit an NDA for Brinavess, which is “promising, given historical FDA interactions,” writes analyst Yue Ma.
Brinavess is an anti-arrhythmic drug for the rapid conversion of recent onset atrial fibrillation. It is marketed in Europe and the rest of the world, but has not been approved in the U.S.
The FDA placed a Phase 3 study with Brinavess on clinical hold in 2010 due to a single case of cardiogenic shock. Correvio is looking to have its Brinavess pre-NDA meeting with the FDA in the fourth quarter of 2018.
