Zacks Investment Research upgraded shares of Addex Therapeutics Ltd. (ADDXF) from N/A to OUTPERFORM on June 20, 2012, with a target price of $21.00.
We are initiating coverage of Addex Therapeutics (Swiss-SIX:ADXN.SW, OTC:ADDXF) with a Buy' rating and $21.00 price target. We are optimistic on the two leading pipeline candidates, dipraglurant for the treatment of Parkinson s disease levodopa-induced dyskinesia (PD-LID) and ADX71449 for the treatment of schizophrenia and major depressive disorder and anxiety. In March 2012, the company released positive data from a phase 2a trial with dipraglurant demonstrating safety, tolerability and encouraging signs of efficacy in PDLID. We expect a partnership for phase 2/3 in the coming year. Data from a phase 2a program with ADX71149, being conducted by Johnson & Johnson, is expected before the end of the year. Our DCF model shows the shares are meaningfully undervalued today.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
To get a free copy of the research report on Addex Therapeutics Ltd. (ADDXF),
click here.
For more information about research offerings from Zacks Investment Research, visit
Zacks.com .
Be the first to comment