Algernon Pharmaceuticals Inc. C.AGN

Analysts Downgrade - Mackie Research

[Arbourmark]

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.

 

[TheBearInTheWoods]

When your broker downgraded you after raising .35 from .58! Welcome to the CSE! Ha 

[Plaindisclousre]

Gotta say it's easy to get cynical when an IB like Mackie raises $5.0m at $0.40/sh and then a short time later donwgrades the stock to $0.25/sh... Pretty sickening.   AGN better pivot asap.  Become an RTO shell candidate..?