FBR Capital Upgrades Alcobra Ltd. (ADHD) to Outperform Following Massive Sell-Off on 'Messy' MDX Data

FBR Capital upgraded Alcobra Ltd. (NASDAQ: ADHD) from Market Perform to Outperform with a price target of $22.00 (from $23.00) following yesterday's 57% sell-off on "messy" MDX data. The sell-off creates a buying opportunity, according to the analyst.

Analyst William Tanner commented, "Our initial rating was based on the potential for data from the MDX AL012 Phase III trial to be viewed as uncompelling and the stock to sell off. Although we believe it reasonable to view the data released yesterday as somewhat equivocal, we believe the stock's revaluation provides an attractive entry point. As always, the "devil will be in the details," but we are taking the glass half full viewpoint that the data incrementally de-risked versus rerisked the program, as share performance may imply. Data from both a Phase II trial of MDX in adolescent subjects with predominantly inattentive ADHD (PI-ADHD) and a Phase II trial of MDX in Fragile X Syndrome (FXS) are expected by year-end 2014."

For an analyst ratings summary and ratings history on Alcobra Ltd. click here. For more ratings news on Alcobra Ltd. click here.

Shares of Alcobra Ltd. closed at $6.12 yesterday.

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