UPDATE: Stifel Downgrades Athira Pharma (ATHA) to Hold
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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."
Shares of Athira Pharma closed at $2.85 yesterday.
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