Shares of Addex Therapeutics Ltd (ADXN - Free Report) tanked on Friday after the company announced that it has terminated the phase IIb/III study evaluating its pipeline candidate, dipraglurant, as a potential treatment for dyskinesia associated with Parkinson’s disease (PD-LID).
The company decided to stop the study owing to the slow recruitment of patients due to COVID-19-related patient concerns over participation in studies. The decision was also taken due to staffing shortages and patient turnover at study sites.
However, the company has stressed that the study termination was not due to dipraglurant.
Shares of Addex have plunged 46.8% so far this year compared with the industry’s decrease of 27.3%.
As a result of the termination of the dipraglurant program for PD-LID, the company subsequently decided to suspend its financial guidance. Addex remains focused on advancing its preclinical candidates into clinical development and entering strategic collaborations for pipeline development.
Last month, Addex announced an update from the phase IIa feasibility study evaluating dipraglurant in patients with blepharospasm, a neurologic disorder causing abnormal contraction of the eyelid muscles.
The study was found to be inconclusive and did not meet all of its objectives.
Addex has no approved product in its portfolio at the moment. Therefore, the successful development of its pipeline candidates remains a key focus for the company.
Addex is developing ADX71149 (mGlu2 positive allosteric modulator or PAM) in collaboration with Janssen Pharmaceuticals, a wholly owned subsidiary of Johnson & Johnson (JNJ - Free Report) .
J&J’s Janssen is leading the phase II study of ADX71149 for treating patients with epilepsy. Janssen is expected to report data from this study in the fourth quarter of 2022.
Zacks Rank & Stocks to Consider
Addex currently carries a Zacks Rank #4 (Sell). Better-ranked stocks in the biotech sector are Leap Therapeutics, Inc. (LPTX - Free Report) and Precision BioSciences, Inc. (DTIL - Free Report) , both carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Leap Therapeutics’ loss per share has narrowed 11.1% for 2022 and 5.9% for 2023 in the past 60 days.
Earnings of Leap Therapeutics have surpassed estimates in three of the trailing four quarters and missed the same on the other occasion. LPTX delivered an earnings surprise of 1.92%, on average.
Precision BioSciences’ loss per share estimateshave narrowed 21.7% for 2022 and 31.4% for 2023 in the past 60 days.
Earnings of Precision BioSciences have surpassed estimates in each of the trailing four quarters. DTIL delivered an earnings surprise of 76.15%, on average.
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Shares of Addex Therapeutics Ltd (ADXN - Free Report) tanked on Friday after the company announced that it has terminated the phase IIb/III study evaluating its pipeline candidate, dipraglurant, as a potential treatment for dyskinesia associated with Parkinson’s disease (PD-LID).
The company decided to stop the study owing to the slow recruitment of patients due to COVID-19-related patient concerns over participation in studies. The decision was also taken due to staffing shortages and patient turnover at study sites.
However, the company has stressed that the study termination was not due to dipraglurant.
Shares of Addex have plunged 46.8% so far this year compared with the industry’s decrease of 27.3%.
As a result of the termination of the dipraglurant program for PD-LID, the company subsequently decided to suspend its financial guidance. Addex remains focused on advancing its preclinical candidates into clinical development and entering strategic collaborations for pipeline development.
Last month, Addex announced an update from the phase IIa feasibility study evaluating dipraglurant in patients with blepharospasm, a neurologic disorder causing abnormal contraction of the eyelid muscles.
The study was found to be inconclusive and did not meet all of its objectives.
Addex has no approved product in its portfolio at the moment. Therefore, the successful development of its pipeline candidates remains a key focus for the company.
Addex is developing ADX71149 (mGlu2 positive allosteric modulator or PAM) in collaboration with Janssen Pharmaceuticals, a wholly owned subsidiary of Johnson & Johnson (JNJ - Free Report) .
J&J’s Janssen is leading the phase II study of ADX71149 for treating patients with epilepsy. Janssen is expected to report data from this study in the fourth quarter of 2022.
Zacks Rank & Stocks to Consider
Addex currently carries a Zacks Rank #4 (Sell). Better-ranked stocks in the biotech sector are Leap Therapeutics, Inc. (LPTX - Free Report) and Precision BioSciences, Inc. (DTIL - Free Report) , both carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Leap Therapeutics’ loss per share has narrowed 11.1% for 2022 and 5.9% for 2023 in the past 60 days.
Earnings of Leap Therapeutics have surpassed estimates in three of the trailing four quarters and missed the same on the other occasion. LPTX delivered an earnings surprise of 1.92%, on average.
Precision BioSciences’ loss per share estimateshave narrowed 21.7% for 2022 and 31.4% for 2023 in the past 60 days.
Earnings of Precision BioSciences have surpassed estimates in each of the trailing four quarters. DTIL delivered an earnings surprise of 76.15%, on average.
4 Oil Stocks with Massive Upsides
Global demand for oil is through the roof... and oil producers are struggling to keep up. So even though oil prices are well off their recent highs, you can expect big profits from the companies that supply the world with "black gold."
Zacks Investment Research has just released an urgent special report to help you bank on this trend.
In Oil Market on Fire, you'll discover 4 unexpected oil and gas stocks positioned for big gains in the coming weeks and months. You don't want to miss these recommendations.
Download your free report now to see them.
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