UPDATE: H.C. Wainwright Starts Addex Therapeutics (ADXN) at Buy

April 21, 2021 6:15 AM EDT
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Price: $9.90 +3.45%

Rating Summary:
    1 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 38 | Down: 18 | New: 7
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(Updated - April 21, 2021 6:59 AM EDT)

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)."

For an analyst ratings summary and ratings history on Addex Therapeutics click here. For more ratings news on Addex Therapeutics click here.

Shares of Addex Therapeutics closed at $10.15 yesterday.

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