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Fly News Breaks for October 3, 2019
Oct 3, 2019 | 07:12 EDT
H.C. Wainwright analyst Andrew Fein lowered his price target for Concert Pharmaceuticals to $25 from $29 following the miss of the second Phase 3 clinical study of AVP-786 for the treatment of moderate-to-severe agitation in patients with Alzheimer's disease. However, even in the absence of this partnered asset, Concert's two clinical programs, namely CTP-543 for alopecia areata and CTP-692 for schizophrenia, are sufficient to drive the fundamental value of the company, Fein tells investors in a research note. As such, he thinks the recent stock pullback may create an attractive entry point for investors to capture the value of these two programs. The analyst reiterates a Buy rating on Concert Pharmaceuticals.
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