Zacks Investment Research downgraded shares of Addex Therapeutics Ltd. (ADDXF) from OUTPERFORM to NEUTRAL on February 08, 2013, with a target price of $12.50.
On February 7, 2013, Addex announced it would focus its resources on developing its clinical stage pipeline for rare diseases. This is in contrast to the previous focus of the company, which included broad development programs in large diseases like schizophrenia, depression and anxiety. The new strategy includes narrowing the focus on the company to molecules where management believes orphan drug status (ODS) can be obtained, thus reducing both the time and cost to develop the drugs while guaranteeing market exclusivity and potentially attracting partners. Our rating is Neutral' as we believe expectations need to reset around a dipraglurant deal in PD-LID and a potential ADR offering later in 2013 for a U.S. listing.
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