UPDATE: J.P. Morgan Decreases PT on MAP Pharmaceuticals

According to a research report this morning, J.P. Morgan decreases its PT on MAP Pharmaceuticals MAPP from $23 to $22 awaiting FDA feedback on Levadex CRL. J.P. Morgan stated, “While clearly not the best-case outcome, we are encouraged that the FDA did not find any issues relating to the clinical profile of Levadex in the March CRL and await feedback from the company's meeting with the agency for further clarity on timelines from here. The delay to approval does defer the catalyst of approval, but does not impact our view of the product's ultimate commercial opportunity, particularly in the context of a long-duration asset with IP through 2028.” MAP Pharmaceuticals closed Friday at $12.10 as J.P. Morgan maintains its Overweight rating.