Cortexyme plunges as Alzheimer's drug fails mid-to-late stage study

IRulya Therapeutics

27/10/2021 12:12

** Drug developer's shares  CRTX.O  down 68% at $18.57
premarket, set to fall below listing price of $21.49
    ** Company said on Tuesday its drug atuzaginstat failed to
improve cognitive function in overall late-to-mid stage study of
643 mild to moderate patients with Alzheimer's disease
 urn:newsml:reuters.com:*:nL4N2RM446
    ** CRTX will continue to advance the drug after an analysis
of results from a subgroup of patients showed 57% slowing of
cognitive decline - CEO Casey Lynch  urn:newsml:reuters.com:*:nBw6RDX3ca
    ** CRTX's final win might reside on a confirmatory trial
with an easily identifiable target patient population -
Brokerage H.C. Wainwright & Co
    ** Brokerage slashes PT to $30 from $200
    ** Citigroup cuts PT to $5 from $20; Credit Suisse to $11
from $14
    ** 4 of 7 brokerages rate the stock "buy" or higher, rest
"sell" or lower; median PT $96 - Refinitiv Eikon
    ** Up to Tuesday's close, company's shares more than doubled
YTD vs 5% increase in Nasdaq Biotechnology index  .NBI 

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com))