Piper Jaffray Downgrades Alcobra Ltd. (ADHD) to Neutral
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Piper Jaffray downgraded Alcobra Ltd. (NASDAQ: ADHD) from Overweight to Neutral with a price target of $3.00 (from $10.00).
Analyst Charles Duncan commented, "Alcobra announced its Metadoxine XR (MDX) program was placed on full clinical hold by the FDA. The company believes this involves a neurological safety signal in rodent studies. However, until we learn more about the reasons for the hold and potential relevance to humans, we have low visibility on: timing of a response, impact on the potential for a positive outcome from the Phase III MEASURE study, and the regulatory path forward for MDX. In particular, this news increases clinical risk as only a portion of the targeted MEASURE population is evaluable for efficacy per protocol, thus reducing the probability of demonstrating an impact. That said, this may not be terminal for MDX in the longer term. Overall, given the near-term increase in clinical risk and timeline uncertainty we see across all potential MDX indications, we are stepping to the sidelines with a Neutral and cutting our target to $3."
Shares of Alcobra Ltd. closed at $4.62 yesterday.
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