Wall Street Reassessment: Analyst Opinion Evolution on AQST

On January 9, 2026, Cantor slashed its price target on Aquestive Therapeutics, Inc. (NASDAQ: AQST) from $15 to $8, warning that "the history of CRLs following similar letters increases the risk of a potential delay for Anaphylm." Shareholders who purchased AQST securities between June 16, 2025 and January 8, 2026 lost over 37% of their investment value in a single trading session. Find out if you qualify to recover your investment losses. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

AQST shares fell from $6.21 to $3.91 per share, a loss of $2.30 per share, after Aquestive disclosed that the FDA had identified deficiencies in its Anaphylm NDA that precluded labeling discussions. The lead plaintiff deadline is May 4, 2026.

Initial Analyst Optimism

Throughout the Class Period, sell-side analysts covering AQST built their models around management's repeated assurances that Anaphylm was on track for FDA approval by the January 31, 2026 PDUFA date. The complaint recounts that the Company described its FDA interactions as routine, characterized the review process as progressing normally, and stated commercial launch preparations were underway for Q1 2026. Analysts set price targets and issued coverage reflecting these representations.

The Downgrades Begin

The January 9, 2026 disclosure triggered rapid reassessment across Wall Street:

- Cantor reduced its price target by 47%, from $15 to $8, citing the elevated risk of a Complete Response Letter

- Oppenheimer published a report stating that the FDA's communication was "a meaningful setback" and that the stock was "currently pricing in a CRL, the most likely scenario"

- Oppenheimer outlined three scenarios, with the worst case sending shares "below cash (~$1/sh)" depending on the FDA's consideration of a Citizen Petition

- Oppenheimer compared the situation to prior FDA delays at SPRY (neffy) and ASND (Yorvipath), which resulted in 12 to 15 month approval delays

Execution Concerns on Wall Street

The analyst commentary reveals a critical disconnect. As alleged in the action, management portrayed the FDA review as entirely routine. On the November 6, 2025 earnings call, the Company described the review process by stating the different functions in the FDA were "doing their jobs, completing their checklists and asking us the questions you would expect." Yet within weeks, the FDA flagged deficiencies serious enough to halt labeling discussions entirely. Analysts had no basis to anticipate this outcome given the information provided.

Why Analyst Shifts Matter for Investors

"When analyst expectations are built on incomplete or misleading company disclosures, the resulting corrections can cause significant investor harm. The magnitude of the target price reductions here reflects how heavily the market relied on management's characterizations of the FDA review." — Joseph E. Levi, Esq.

The breadth and speed of the analyst downgrades underscore that the market treated management's statements about FDA progress as material. When those statements proved inconsistent with the FDA's actual findings, analysts and investors repriced AQST accordingly, causing substantial losses to Class Period purchasers.

Speak with an attorney about recovering your AQST losses or call (212) 363-7500.

LEAD PLAINTIFF DEADLINE: May 4, 2026

Levi & Korsinsky, LLP, Top 50 securities litigation firm (ISS, seven consecutive years). Over 70 professionals. Hundreds of millions recovered for investors.

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