Cortexyme weighed down by Citi sell rating

 

• Cortexyme, Inc. (NASDAQ:CRTX) dropped -19.4% as Citi initiated coverage on the stock with a ‘Sell’ rating.
• Noting that risks from ‘company’s “unique” Alzheimer’s disease approach are still not reflected in the stock even after the recent selloff’, the analyst Neena Bitritto-Garg has set a price target of $20 per share, a 45.7% discount to yesterday’s close.
• This month, the company announced, its Alzheimer’s candidate, atuzaginstat, currently undergoing a Phase 2/3 study, passed an interim analysis of data.
• Currently undergoing a Phase 2/3 study, atuzaginstat passed an interim analysis of data by an independent panel of experts, the company announced early this month.
• Last month, Biogen (NASDAQ:BIIB) fell -28.1% when an FDA advisory committee blocked the regulatory approval for aducanumab, its candidate to treat mild Alzheimer's disease, citing insufficient efficacy.
• https://seekingalpha.com/news/3643837-cortexyme-weighed-down-citi-downgrade