---
title: "Theravance: Hold Rating Reiterated as Restructuring Progress and Cash Flow Visibility Support Unchanged $15 Price Target"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/285663187.md"
description: "TD Cowen analyst Marc Frahm reiterated a Hold rating on Theravance Biopharma with a price target of $15.00, citing a solid balance sheet, ongoing cost reductions, and improved cash flow visibility. The company is restructuring after discontinuing ampreloxetine, aiming for a 60% cut in operating expenses and $60–70 million in annualized cash flow by Q3 2026. While Yupelri's demand is rising and Trelegy is set for a $100 million milestone payment in 2026, the ongoing restructuring and strategic alternatives keep the risk-reward balanced, justifying the Hold rating."
datetime: "2026-05-08T04:05:59.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285663187.md)
  - [en](https://longbridge.com/en/news/285663187.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285663187.md)
---

# Theravance: Hold Rating Reiterated as Restructuring Progress and Cash Flow Visibility Support Unchanged $15 Price Target

TD Cowen analyst Marc Frahm maintained a Hold rating on Theravance Biopharma yesterday and set a price target of $15.00.

### Claim 55% Off TipRanks

-   Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
-   Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks

Marc Frahm has given his Hold rating due to a combination of factors, including Theravance’s solid balance sheet, ongoing cost reductions, and clearer visibility on future cash flows. The company is successfully executing a major restructuring after discontinuing ampreloxetine, targeting a roughly 60% cut in operating expenses and $60–70 million in annualized cash flow by Q3 2026, which supports stability but not enough upside to change the rating.

He also notes that Yupelri continues to grow, with rising demand and the resolution of remaining patent disputes extending its protected cash flow profile, and Trelegy is on track to deliver a final $100 million milestone payment in 2026. However, with the restructuring still in progress, strategic alternatives such as a potential sale still under review, and the shares already reflecting the value of the product portfolio, cash, and tax and listing attributes, he maintains a $15 price target and concludes the risk‑reward is balanced, justifying a Hold.

### Related Stocks

- [TBPH.US](https://longbridge.com/en/quote/TBPH.US.md)
- [IHE.US](https://longbridge.com/en/quote/IHE.US.md)
- [IXJ.US](https://longbridge.com/en/quote/IXJ.US.md)
- [SBIO.US](https://longbridge.com/en/quote/SBIO.US.md)
- [LABU.US](https://longbridge.com/en/quote/LABU.US.md)
- [XLV.US](https://longbridge.com/en/quote/XLV.US.md)
- [XBI.US](https://longbridge.com/en/quote/XBI.US.md)

## Related News & Research

- [Theravance Biopharma, Inc. Reports First Quarter 2026 Financial Results and Provides Corporate Update | TBPH Stock News](https://longbridge.com/en/news/285551659.md)
- [NeOnc Advances Glioma Programs and Strengthens Financial Position](https://longbridge.com/en/news/286826865.md)
- [BUZZ-Street View: Regeneron's melanoma trial setback raises bigger-picture questions](https://longbridge.com/en/news/286769076.md)
- [JD Vance Gives Head-Turning Answer On How That Slush Fund Will Be Used](https://longbridge.com/en/news/287018621.md)
- [Acrivon Therapeutics, Inc. (ACRV) Receives a Buy from Oppenheimer](https://longbridge.com/en/news/286428001.md)