Adial Pharmaceuticals initiated with a Buy at Rodman & Renshaw

Rodman & Renshaw initiated coverage of Adial Pharmaceuticals (ADIL) with a Buy rating and $8 price target The firm believes Adial has the potential to outperform over the next 12 months, saying its AD04 is designed to reduce alcohol consumption without the need for inpatient stays. The molecule being explored, ondansetron, is widely used, well-characterized, and has shown promising data to fill a gap where other treatments for alcohol use disorder fall short, the analyst tells investors in a research note.