Cowen Remains Positive On Avanir Pharmaceuticals Following FDA CRL For AVP-825

Cowen analyst Ritu Baral reiterated an Outperform rating on Avanir Pharmaceuticals (NASDAQ:AVNR) with a $20 price target, following the news that the FDA has issued a Complete Response letter to the company’s New Drug Application (NDA) for AVP-825. AVP-825 is an investigational drug-device combination product consisting of low-dose sumatriptan powder delivered intranasally utilizing a novel Breath Powered delivery technology.

Baral noted, “We do not see AVP-825 as a major value driver for AVNR, given that it only adds an estimated $0.50 to our $20 valuation. Nonetheless, we see any positive news and higher than expected sales (we value a modest peak sales of $150M in an already crowed migraine market) as upside.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ritu Baral has a total average return of 17.6% and a 46.0% success rate. Baral has a 64.9% average return when recommending AVNR, and is ranked #121 out of 3388 analysts.


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