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CRTX

Cortexyme

$28.00

-6.15 (-18.01%)

19:10
12/07/19
12/07
19:10
12/07/19
19:10

Cortexyme says COR388 reduced levels of ApoE protein in Phase I study

Cortexyme announced the presentation of "new data supporting the on-target activity of COR388, its lead investigational medicine, and linking the "gingipain hypothesis" for Alzheimer's disease to the significance of the APOE gene as a major risk factor for the disease." Michael Detke, the company's Chief Medical Officer, detailed the results in an oral presentation at the Clinical Trials in Alzheimer's Disease meeting. Cortexyme's Phase 1 clinical development program for COR388 included cohorts of healthy volunteers and subjects with Alzheimer's disease. In addition to assessing safety and initial clinical activity, investigators also assessed the level of ApoE fragmentation in the CSF of nine subjects with Alzheimer's disease. Six subjects received 50mg of COR388 twice daily while three subjects received placebo. After 28 days, a statistically significant decrease in ApoE fragments was observed in subjects treated with COR388 versus those treated with placebo.

CRTX Cortexyme
$28.00

-6.15 (-18.01%)

06/03/19
BOFA
06/03/19
INITIATION
Target $28
BOFA
Neutral
Cortexyme initiated with a Neutral at BofA/Merrill
BofA/Merrill analyst Tazeen Ahmad started Cortexyme with a Neutral rating and $28 price target. The analyst applies a 10% likelihood of success for COR388 given the historically high failure rates in Alzheimer's disease and the limited clinical data available thus far.
06/03/19
ADAM
06/03/19
INITIATION
Target $42
ADAM
Buy
Cortexyme initiated with a Buy at Canaccord
Canaccord analyst Sumant Kulkarni initiated Cortexyme with a Buy rating citing its development of a new disease-modifying approach it believes could target a key underlying cause of Alzheimer's disease. Specifically, the company believes a bacterium that causes gum disease; P. gingivalis and its secretions called gingipains are present in Alzheimer's brains. Kulkarni has a $42 price target on Cortexyme shares.
06/03/19
FBCO
06/03/19
INITIATION
Target $14
FBCO
Underperform
Cortexyme initiated with an Underperform at Credit Suisse
Credit Suisse analyst Martin Auster started coverage of Cortexyme with an Underperform rating and $14 price target. The analyst notes that this is a "high-risk, high-reward" Alzheimer's disease speculation with multi-billion annual revenue potential should COR388 prove marketable. However, disease-modifying AD drug development has universally failed so far, owing to a limited understanding of disease pathology, he contended.
06/03/19
06/03/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. DuPont (DD) initiated with an Overweight at Morgan Stanley. 2. Corteva (CTVA) was initiated with an Outperform at BMO Capital, an Equal Weight at Morgan Stanley, a Neutral at Goldman Sachs and Citi, as well as a Hold at SunTrust and Deutsche Bank. 3. Axcella (AXLA) was initiated with an Overweight at JPMorgan, an Outperform at SVB Leerink, and a Buy at Goldman Sachs. 4. Cortexyme (CRTX) was initiated with an Outperform at JMP Securities, a Buy at Canaccord, a Neutral at BofA/Merrill, and an Underperform at Credit Suisse. 5. Mayville Engineering (MEC) was initiated with an Outperform at Baird, a Buy at Jefferies and Citi, and a Neutral at UBS. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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