Trevena downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright analyst Ed Arce downgraded Trevena to Neutral and lowered his price target for the shares to 75c from $3.00. Following the Complete Response Letter from the FDA on the new drug application for oliceridin, a second-pass PDUFA date is unlikely until early 2020, Arce tells investors in a research note. He believes the CRL “leaves several open questions.”
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