Roth Capital Affirms Neuralstem (CUR) at 'Buy'; Says Rest of 2016 Will be Uneventful
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Roth Capital affirms Neuralstem (Nasdaq: CUR) at Buy with a price target of $1.20 following Q3 results report today.
The firm commented,
We believe that the remainder of 2016 will be quiet for Neuralstem and that the new management has set the company on a pointed and directed course with major efforts being placed on the MDD program. Importantly, if the present Phase IIb enrollment rate is maintained, the target time for the Phase IIb data release is slated for 2H17. The study consists of a screening period and a randomized treatment period. The investigators are determining if subjects meet eligibility criteria in order to reduce the placebo effect; patients who do well on placebo during the screening period remain on placebo, whereas those who do not are being re-randomized into three cohorts that will participate in a 12-week, double-blind treatment with one of the following regimens: 1) NSI-189 40 milligrams twice per day, 2) NSI-189 40 milligrams once a day, 3) placebo. The primary endpoint is the reduction in depression symptoms that will be measured by the MADRS. Upon completion of the 12 weeks, there will be an observational follow-up period of six months to assess NSI-189's long-lasting benefits. If either arm shows efficacy the trial can be a registration trial. We expect the CUR investment case to build in visibility as we are now within 12 months of the major Phase II data catalyst, which we believe is an important barrier for many biotech investors.
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