EPIX Pharma (EPIX) Surges On Compelling Alzheimer's Trial

EPIX Pharmaceuticals, Inc. (Nasdaq: EPIX) is surging today after the company announced compelling top-line data from its Phase 2a trial of PRX-3140 in patients with Alzheimer's disease.

EPIX said patients receiving 150 mg of PRX-03140 orally once daily as monotherapy achieved a mean 5.7 point improvement on the Alzheimer's Disease Assessment Scale cognitive subscale versus a 0.2 point worsening in patients on placebo.

Analyst at Needham & Co were positive on the news. The firm said, "While the trial was small, we are encouraged by the surprisingly strong reported mean activity on the ADAS-cog scale at only 2 weeks." The firm also said data from a longer trial (6+ week) may provide a more reliable indication of activity in Alzheimer's. The firm reiterated their Buy rating and $13 price target.

EPIX is up 34% today on the news, to $3.96. Even with today's rise, shares of EPIX are still down 38% on the year.

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