Neuralstem (CUR) PT Cut to $4 at Brean Capital, 'Buy' Maintained
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Brean Capital analyst Jonathan Aschoff lowered his price target on Neuralstem (NASDAQ: CUR) to $4.00 (from $8.00) following Q2 results but maintained a Buy rating as cost savings plan is in place and as the 189 trial is enrolling.
Aschoff commented, "Neuralstem continues to enroll patients into the multi-site Phase 2 trial (n=220) with NSI-189 for MDD, which was initiated in May. Dr. Fava, the principal investigator, is using the SAFER patient interview to prudently enroll patients with accurately diagnosed MDD. We anticipate results to be released in 2H17. In June, Neuralstem announced additional in vitro data on NSI-189, providing mechanistic details which could help uncover the drug’s novel mechanism of action. NSI-189 showed enhancement of both short-term potentiation (STP) and long-term potentiation (LTP) in C57BI/6 mice and restored LTP in Angelman syndrome mice. Neuralstem ended 2Q16 with about $11.1 million in cash. The decrease in SG&A expense is largely due to reductions in compensation expenses under a cost saving plan. We believe that the cost saving plan underscores new management’s dedication to seeing the pipeline through. We acknowledge that our prior $8 target price appeared a bit aggressive and as such we are assuming a more conservative stance in our valuation, particularly regarding NSI-566, and have lowered our target price to $4."
Shares of Neuralstem closed at $0.22 yesterday.
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