Aptinyx crashes after nerve pain drug failure, BMO Capital halves PT

Aptinyx

07/04/2022 19:48

** Drug developer's  APTX.O  shares fall as much as 51.3% to
a record low of $1.14, after co says its nerve pain drug failed
to meet goals in a mid-stage study     
    ** BMO Capital halves price target on stock to $6 from $12,
 urn:newsml:reuters.com:*:nBwbFGNdWa     
    ** Brokerage says NYX-2925 failing as a treatment for
painful diabetic peripheral neuropathy is disappointing, given
the modifications APTX had made after a failed trial for the
same indication  
    ** Adds that APTX's focus for the drug, NYX-2925, will now
shift to its chronic pain disorder trial, data from which is
expected in Q3 
    ** Says APTX management remains optimistic about the
rationale for the drug's use as a potential treatment for
chronic pain disorder fibromyalgia    
    ** Eight of 9 brokerages covering stock rate it "buy" or
higher, 1 rates it "hold"; their median PT is $8, reflecting a
more than 3X potential upside to Wednesday's close - Refinitiv
data
    ** Including Thursday's session, APTX down ~56% YTD 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))