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FBR Capital Sees Alcobra (ADHD) Shares Volatile Following AL012 MDX Phase III Slides

October 23, 2014 6:33 AM EDT
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Price: $1.46 +4.29%

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    1 Buy, 8 Hold, 1 Sell

Rating Trend: = Flat

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FBR Capital analyst William Tanner weighed in on Alcobra Ltd. (NASDAQ: ADHD) saying they expect ADHD shares to likely be volatile after the posting of slides from the AL012 MDX Phase III trial presented at the AACAP meeting today (10/22) in San Diego.

Tanner commented, "When the top line data were released on October 6, we think investors clearly were challenged in accepting the modified intent-to-treat (mITT) analysis that excluded data from patients whose results were >3 standard deviations from the mean.
Reviewing the slides presented today, we see a category we do not recall having seen, or heard of, before. The "post-hoc" mITT analysis evidently excludes the same patients in the "pre-specified" (also a term new to us) mITT analysis but also Entry Criteria Violations. A key tenet of data believability, in our view, is consistency of its presentation. We believe differences in the manner in which the top-line data were released to the Street and how they are represented at AACAP and in an SEC filing, likely violates that tenet."

The firm maintained an Outperform rating and $22 price target on the stock.

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 $5.68 yesterday.



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