B. Riley Initiates TFFP with Buy and $36 Target

Posted on December 8, 2020 by Scott Shuda

B. Riley began coverage on shares of TFF Pharmaceuticals (NASDAQ:TFFP) in a research note released on Monday morning. The brokerage issued a buy rating and a $36.00 price objective on the stock.

Summary and Recommendation
We are initiating coverage of TFF Pharmaceuticals, Inc. (TFFP) with a Buy rating and a 12-month
price target of $36 per share. TFFP is building a diverse pipeline based on its proprietary and
differentiated thin film freezing (TFF) technology platform to improve the solubility of poorly
water-soluble drugs, which constitute ~33% of the commercialized pharmaceuticals worldwide.
We believe that visible, de-risked opportunities in the form of dry powder formulations of (1)
voriconazole for invasive pulmonary aspergillosis (IPA) and (2) tacrolimus for the prevention
of rejection of lung transplants represent core drivers to our investment thesis. Furthermore,
in our opinion, ongoing earlier-stage initiatives, such as universal influenza vaccine and
COVID-19 therapeutics, present potential opportunities for significant upside to TFFP shares
with favorable data disclosures and ensuing strategic collaborations in the coming months.

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