After holding investor meetings with management, Mizuho analyst Difei Yang says shares of Concert Pharmaceuticals are undervalued ahead of important catalysts in 2019. Catalysts include a Patent Trial and Appeal Board decision related to the CTP-543 patent litigation expected by April 9, top-line data from the CTP-543 12mg cohort in Q3, Phase 3 data in Alzheimer's Agitation possibly in Q2, and Phase 1 data from CTP-692 in schizophrenia in the first half of 2019, Yang tells investors in a research note. The analyst sees "strong potential" in CTP-543, regardless of the intellectual property litigation outcome, and believes the asset has potential to be first-to-market for the treatment of alopecia areata. She keeps a Buy rating on Concert Pharmaceuticals with a $26 price target.