KemPharm price target lowered to $19 from $20 at Canaccord

Canaccord analyst Sumant Kulkarni lowered the firm’s price target on KemPharm to $19 from $20 and keeps a Buy rating on the shares. The analyst said he would utilize any weakness to buy the shares as the company preps to file as early as 3Q 2023 versus 1Q 2023. He said the delay in a potential NDA refiling could be as modest as 3-4 months if one were to take a glass half-full view and said they remain well capitalized with a cash runway that he estimates extends into 2026.