Craig-Hallum lowered the firm’s price target on Indivior to $16 from $20 and keeps a Buy rating on the shares. While Q3 pre-released results were relatively in-line and ahead of expectations on the overall top-line, FY24 guidance was revised lower in what the firm calls “a disappointing update.” The company lowering FY24 net revenue guidance was “entirely driven by worsening fundamentals for Sublocade,” notes the analyst, who calls Sublocade “the chief value driver for Indivior.” There is hope for stabilization, but the firm is taking a “show me” approach with estimates, adding that it still believes the stock is “far too cheap” and “will work nicely as estimates bottom.”

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