Theravance Biopharma initiated with a Buy at BTIG

BTIG initiated coverage of Theravance Biopharma with a Buy rating and $21 price target. The firm sees a “compelling setup” for the stock pending pivotal data of ampreloxetine in nOH expected in 2025 while noting that the company is approaching the catalyst from a strong financial position, having removed all debt from its balance sheet, the analyst tells investors in a research note. Theravance management also expects limited cash burn ahead of Phase 3 data of ampreloxetine in neurogenic orthostatic hypotension secondary to multiple systems atrophy in 2025, and BTIG is positive on the risk/reward for the name, the firm added.