Oppenheimer Downgrades Alcobra Ltd. (ADHD) to Perform
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Oppenheimer downgraded Alcobra Ltd. (NASDAQ: ADHD) from Outperform to Perform after the FDA has informed ADHD that a full clinical hold has been placed on MDX.
Analyst Jay Olson commented, "The decision was based on pre-clinical findings and there was no human data referenced in the FDA communication according to ADHD management. ADHD will provide more details on FDA's decision once a written notification is received next week. Prior to the clinical hold, the phase 3 MEASURE study of MDX in adult ADHD was expected to reach full enrollment in 4Q16. We view this setback as a delay to commercialization of MDX with increased uncertainty around future cash requirements and we therefore downgrade ADHD to Perform and withdraw our price target."
Shares of Alcobra Ltd. closed at $4.62 yesterday.
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