Aegis Capital reaffirmed its Buy rating and $29 price target on Adamas Pharmaceuticals, Inc. (Nasdaq: ADMS) after the company announced that its Phase 3 EASE LID clinical trial evaluating the company’s investigational compound ADS-5102 (amantadine HCl) extended-release capsules for the treatment of levodopa-induced dyskinesia (LID) associated with Parkinson’s disease met its primary endpoint. Results from this randomized, placebo-controlled study showed a statistically significant reduction (p = 0.0009) in LID at 12 weeks for patients who received ADS-5102 versus placebo as assessed by the Unified Dyskinesia Rating Scale (UDysRS).

Analyst Robert LeBoyer commented: In our opinion, these endpoints are important measures of clinical impact and durability. Furthermore, they support the theorized mechanism of action of ADS-5102.

Another secondary endpoint that we viewed as important is the "increase in ON time without troublesome dyskinesia", a measure of how much additional time ADS-5102 kept levodopa in its effective therapeutic range without side effects. This increased by 2.7 hours and met statistical significance. Another endpoint, the reduction in OFF time (a measure of levodopa below effective levels) was reduced by 0.9 hours and met statistical significance. We consider the reduction in OFF as especially important, since the Phase II data showed a reduction of 1.1 hours but did not meet statistical significance, LeBoyer noted.

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