Piper Affirms Alcobra (ADHD) at 'Overweight'; Stock Selling on MEASURE Update, but Delay Shouldn't be Concern
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Piper Jaffray reaffirms Alcobra Ltd. (Nasdaq: ADHD) with an Overweight rating and $10 price target following Q2 results and update issued on Tuesday morning.
Analyst Charles Duncan commented,
Alcobra reported 2Q financial results this morning, ending the quarter with $54M in cash to last into 1H18. The stock has traded off today, likely due to enrollment updates for MEASURE, which push those results into 1Q17, and a lack of clarity on the clinical program (length, cost, design) for pediatric ADHD. On MEASURE, we’re not overly concerned with a delay of just 3 months and believe that high patient quality and trial conduct are worth the extra time. We also continue to model first sales in 2019 and don’t expect that timeline to be impacted by today’s news. On pediatric ADHD, Alcobra plans to begin one of two planned trials in 4Q16 and we’re encouraged to see some increased visibility on timing for what may prove to be a more capital-efficient pivotal program. In advance of complete MEASURE enrollment and further details on the pediatric program, we reiterate OW.
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Related EntitiesPiper Jaffray, Earnings, Charles Duncan
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