UPDATE: H.C. Wainwright Starts Addex Therapeutics (ADXN) at Buy
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H.C. Wainwright analyst Raghuram Selvaraju initiates coverage on Addex Therapeutics (NASDAQ: ADXN) with a Buy rating and a price target of $28.00.
The analyst commented, "We are initiating coverage of Addex Therapeutics, an innovator in the arena of rationally-designed allosteric modulators of therapeutic targets, with a Buy rating and 12-month price target of $28 per American Depositary Share (ADS). Allosteric modulators interact with regions of the target receptors that are distal to the active sites, permitting more nuanced impact on receptor signaling (like a dimmer switch rather than an on-off switch). Addex has been blazing a trail in allosteric modulation for almost two decades and has advanced multiple drug candidates into clinical development. Its core therapeutic focus is neurological disorders; the company's latest-stage drug candidate, dipraglurant, is being investigated in treatment of Parkinson's disease (PD)-associated levodopa-induced dyskinesia (PD-LID), a condition involving abnormality or impairment of voluntary movement, and blepharospasm, a form of dystonia (uncontrolled muscle contraction). Dipraglurant is on the cusp of entering a Phase 2b/3 trial in PD-LID and is slated to enter a proof-of-concept study in blepharospasm. Addex also has an extensive early-stage pipeline aimed at an array of conditions including epilepsy, alcohol use disorder, Charcot-Marie-Tooth disorder and post-traumatic stress disorder (PTSD)."
Shares of Addex Therapeutics closed at $10.15 yesterday.
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