UPDATE: Stifel Downgrades Athira Pharma (ATHA) to Hold

June 23, 2022 7:40 AM EDT
Get Alerts ATHA Hot Sheet
Price: $3.01 -4.75%

Rating Summary:
    2 Buy, 4 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 8 | Down: 9 | New: 24
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(Updated - June 23, 2022 7:41 AM EDT)

Stifel analyst Paul Matteis downgraded Athira Pharma (NASDAQ: ATHA) from Buy to Hold with a price target of $5.00 (from $36.00).

The analyst comments "We are downgrading ATHA to Hold and reducing our target price to $5 from $36, based on a large haircut to our probability-of-success and a reduced market opportunity for ATH-1017. As we see it, ATHA's monotherapy subgroup analysis from ACT-AD is speculative, and it's hard for us to have conviction that this is a real finding: major confounds include small N, substantial worsening for placebo, and the lack of mechanistic rationale as to why ATH-1017 would perform better when not used with a cholinesterase inhibitor. That said, over the coming weeks we may learn more about what's being observed so far in LIFT, and possibly whether this sub-group signal is real/replicated. To be clear we don't know how definitive any LIFT analysis will be, especially if the trial remains blinded--though a clearly supportive result here would likely be a surprise to the upside, though we see this as low probability."

For an analyst ratings summary and ratings history on Athira Pharma click here. For more ratings news on Athira Pharma click here.

Shares of Athira Pharma closed at $2.85 yesterday.

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