Achieve Life Sciences price target lowered by $3 at Oppenheimer, here’s why

Oppenheimer analyst Francois Brisebois lowered the firm’s price target on Achieve Life Sciences to $18 from $21 and keeps an Outperform rating on the shares after the company announced developments related to its recent pre-NDA meeting with FDA for cytisinicline for smoking cessation. Despite multiple agreements around efficacy, FDA advised the company that long-term exposure data would be needed for proper safety assessment. While awaiting additional details, Oppenheimer has opted for a more conservative approach and expects delays in NDA filing. Given safety has been a clear positive for cytisinicline throughout development, the firm doesn’t expect any findings that could jeopardize the submission.