Algernon Pharmaceuticals Inc. C.AGN

Alternate Symbol(s): AGNPF

Algernon Pharmaceuticals Inc. is a clinical-stage drug development company. The Company is focused on developing repurposed therapeutic drugs in the areas of non-alcoholic steatohepatitis (NASH), a type of liver disease, chronic kidney disease (CKD), inflammatory bowel disease (IBD), idiopathic pulmonary fibrosis (IPF) and chronic cough as well as advancing a stroke program using N, N-Dimethyltryptamine (DMT). The Company operates through two segments, which includes the development of repurposed therapeutic drugs in Canada and the facilitation of the Company’s lead drug candidates into off-label phase II clinical trials (humans) in Australia. The Company's pipeline includes NP-251 (Repirinast) and AP-188 (DMT). The Company, through its subsidiary, Algernon NeuroScience Inc., is developing AP-188 (DMT) as a potential treatment for stroke and traumatic brain injury (TBI) recovery. Its NP-251 is being developed as a potential treatment for kidney inflammation and fibrosis.

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Algernon Pharmaceuticals Inc. > Analysts Downgrade - Mackie Research

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Post by Arbourmarkon Mar 31, 2021 9:07am

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Post# 32912751

Analysts Downgrade - Mackie Research

Healthcare

ALGERNON PHARMACEUTICALS INC.

Rating Change

AGN (CAD$0.30) – Target: $0.25 – HOLD

Hit By COVID-19 – Downgrade to HOLD

6 pages

• Downgrade – Weak top-line phase 2b/3 results with Ifenprodil in COVID-19.
• The Phase 2b part randomized 150 subjects to three arms (1:1:1): standard of care (SOC, control) and SOC plus ifenprodil (20 mg or 40 mg three times/day) for a 2-week treatment period.
• The primary endpoint was patient clinical status based on the WHO 7-point ordinal scale at Day 15. Secondary endpoints included all-cause mortality, blood oxygen levels, time in the ICU and time to mechanical ventilation.
• The lack of a dose-dependent effect in a clinical trial normally suggests poor efficacy of a compound. AGN disclosed 40 mg ifenprodil did not show any effects in this study while the 20 mg dose demonstrated some trends.
• Based on the lack of dose response, we unfortunately would not expect this indication to be advanced.
• We are downgrading AGN from a SPECULATIVE BUY to a HOLD rating and reducing our target price (TP) from $0.80 to $0.25.