“As we did not see the scale of clinical benefit we had hoped for in this study we will fully assess the potential for ADS-5102 in MS patients before determining the extent of our continued investment in this program,” says Adamas (ADMS -40.7%) CEO Neil McFarlane after mixed results in the drug’s Phase 3 trial.
The 274 mg dose showed improvement in the timed 25-foot walk after 12 weeks, but the lower did not, and neither dose showed a significant effect on secondary walking measures.
Already bearish on the name, BAML cuts its price target to $3. “Visibility needed on path forward in MSWI,” says the team.
Evercore, meanwhile, is launching a spirited defense of its $45 price target. Analyst Joel Schimmer says this marks the final of many mistakes from prior management. “The new team can execute on Gocovri for LID with a clean slate and lightly explore other pipeline opportunities.”
Shares are currently trading hands at $4.50.
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