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On Wednesday, Lake Street Capital Markets adjusted its outlook on Aquestive Therapeutics (NASDAQ:), a pharmaceutical company, by increasing the price target on its shares. The new stock target is set at $8.00, a significant rise from the previous $3.00, while retaining a Buy rating on the stock.

The adjustment comes in anticipation of a potentially eventful year for Aquestive Therapeutics. The company is awaiting a decision from the FDA on Libervant, a treatment for epilepsy, with approval possibly coming in April. Additionally, Aquestive is preparing for the anticipated submission of a New Drug Application (NDA) for Anaphylm, its treatment for severe allergic reactions, by the end of the year.

The company recently reported fourth-quarter revenues for 2024, which amounted to $13.2 million. This figure surpassed the estimates set by Lake Street Capital Markets, which were pegged at $11.8 million. The revenue beat and the potential for upcoming milestones have contributed to the optimistic assessment and price target revision.

The analyst from Lake Street Capital Markets expressed confidence in the company’s prospects, stating, “The stage is set for an eventful 2024 with Libervant’s potential April FDA approval and Anaphylm’s anticipated NDA submission by year-end, both substantial value generating events.” This sentiment underscores the firm’s positive view on Aquestive Therapeutics’ near-term opportunities.

Investors and market watchers will be closely monitoring Aquestive Therapeutics as it navigates these significant regulatory milestones, which could have a notable impact on the company’s valuation and market performance.

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