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ADMS

Adamas Pharmaceuticals

$4.35

-2.95 (-40.41%)

12:38
12/17/19
12/17
12:38
12/17/19
12:38

Adamas shares undervalued despite ADS-5102 disappointment, says William Blair

While Adamas Pharmaceuticals' Phase III trial of ADS-5102 for multiple sclerosis patients with walking impairment met the primary endpoint, the company noted the scale of clinical benefit was below expectations, William Blair analyst Tim Lugo tells investors in a research note. As a result, Adamas will not initiate the originally planned replicate second Phase III study and discuss a regulatory path forward with the FDA, the analyst adds. Lugo says that while decision to put the program on hold is disappointing, he's not attributed any value for it in his model. With an enterprise value of roughly $100M and expectations that Gocovri will continue to gain market traction in Parkinson's disease Levodopa-induced dyskinesia, shares of Adamas are undervalued, contends Lugo. He maintains an Outperform rating on the shares "despite an obviously weak recent performance."

ADMS Adamas Pharmaceuticals
$4.35

-2.95 (-40.41%)

09/30/19
BOFA
09/30/19
DOWNGRADE
BOFA
Underperform
Adamas Pharmaceuticals downgraded to Underperform from Neutral at BofA/Merrill
09/30/19
BOFA
09/30/19
DOWNGRADE
Target $5
BOFA
Underperform
Adamas Pharmaceuticals downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill analyst Tazeen Ahmad downgraded Adamas Pharmaceuticals (ADMS) to Underperform and lowered his price target to $5 from $9. The analyst cites indications of a "limited" uptake of ADS-5102 by doctors in multiple sclerosis, adding that the drug's phase 2 trial data have demonstrated comparable response and more safety concerns than the current standard-of-care with Ampyra made by Acorda Therapeutics (ACOR). Ahmad is also increasing his discontinuation rate assumption for '5102 to 30% and lowers his risk-adjusted peak sales estimate to $324M from $365M.
11/08/19
JMPS
11/08/19
NO CHANGE
Target $16
JMPS
Outperform
Adamas Pharmaceuticals price target lowered to $16 from $57 at JMP Securities
JMP Securities analyst Jason Butler lowered his price target on Adamas Pharmaceuticals to $16 after its Q3 earnings miss driven by higher than expected SG&A expenses and slightly-below-consensus GOCOVRI sales. The analyst still keeps his Outperform rating on confidence that the "refreshed" management team can reinvigorate the GOCOVRI launch but lowers his projected peak penetration sales to $250M from $550M. Butler is also removing the ADS-4101 from his model until there is more clarity on its path forward.
12/17/19
EVER
12/17/19
NO CHANGE
Target $45
EVER
Outperform
Adamas' new team can now execute with 'clean slate,' says Evercore ISI
Evercore ISI analyst Joshua Schimmer said he is "optimistic this marks the final of many mistakes" from the prior management of Adamas Pharmaceuticals after the company announced results from INROADS, a 3-arm, randomized, double-blind, placebo-controlled study in 594 multiple sclerosis patients with walking impairment. The company's new team can execute on Gocovri with a clean slate and "lightly explore" other pipeline opportunities, contends Schimmer, who has an Outperform rating on Adamas shares. Adamas is down $3.23, or 44%, to $4.07 in morning trading.

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