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Why Did HC Wainwright Downgrade Addex Therapeutics

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·1 min read
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  • Last week, Addex Therapeutics Ltd (NASDAQ: ADXNterminated the Phase 2b/3 study evaluating dipraglurant as a potential treatment for dyskinesia associated with Parkinson's disease (PD-LID) due to the slow rate of patient recruitment.

  • Addex is suspending its financial guidance. Hence HC Wainwright downgraded its rating to Neutral from Buy without a price target, as dipraglurant constituted the basis for its original valuation assessment.

  • Management indicated that the company now plans to focus on advancing its extensive preclinical portfolio towards the clinic and pursuing strategic collaborations for selected programs. In contrast, it concurrently focuses on achieving key milestones under its strategic partnership with Indivior.

  • Collaborating partner Janssen, a unit of Johnson & Johnson (NYSE: JNJ), is expected to deliver data from the Phase 2 study of ADX71149 in epilepsy patients in 4Q22.

  • The analyst views this as the most appropriate approach until the prospects of other elements of the company's pipeline become clearer.

  • Price Action: ADXN shares are up 3.90% at $1.15 during the market session on the last check Thursday.

Latest Ratings for ADXN

Date

Firm

Action

From

To

Feb 2022

HC Wainwright & Co.

Maintains

Buy

Apr 2021

HC Wainwright & Co.

Initiates Coverage On

Buy

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