Cortexyme (NASDAQ:CRTX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday, Zacks.com reports. The brokerage presently has a $33.00 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 14.94% from the stock’s previous close.
According to Zacks, “Cortexyme Inc. is a clinical-stage biopharmaceutical company. It is focused on providing disease-modifying therapeutics to treat Alzheimer’s and other degenerative diseases. The company’s drug candidate consists of COR388 which is in clinical stage. Cortexyme Inc. is based in San Francisco, United States. “
A number of other brokerages also recently issued reports on CRTX. Canaccord Genuity initiated coverage on shares of Cortexyme in a report on Monday, June 3rd. They issued a “buy” rating and a $42.00 price target on the stock. Credit Suisse Group initiated coverage on shares of Cortexyme in a report on Monday, June 3rd. They issued an “underperform” rating and a $14.00 price target on the stock. Bank of America initiated coverage on shares of Cortexyme in a report on Monday, June 3rd. They issued a “neutral” rating and a $28.00 price target on the stock. Finally, JMP Securities initiated coverage on shares of Cortexyme in a report on Monday, June 3rd. They issued a “mkt outperform” rating and a $53.00 price target on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $34.00.
Shares of Cortexyme stock opened at $28.71 on Wednesday. Cortexyme has a 12-month low of $19.50 and a 12-month high of $47.50. The stock has a 50-day moving average price of $37.01.
Several institutional investors have recently made changes to their positions in CRTX. Vanguard Group Inc. purchased a new stake in shares of Cortexyme in the second quarter worth about $7,428,000. BlackRock Inc. purchased a new stake in Cortexyme in the second quarter valued at approximately $5,926,000. Morgan Stanley purchased a new stake in Cortexyme in the second quarter valued at approximately $1,970,000. Charles Schwab Investment Management Inc. purchased a new stake in Cortexyme in the second quarter valued at approximately $1,052,000. Finally, Northern Trust Corp purchased a new stake in Cortexyme in the second quarter valued at approximately $991,000. 0.03% of the stock is currently owned by hedge funds and other institutional investors.
Cortexyme Company Profile
Cortexyme, Inc, a clinical stage biopharmaceutical company, focuses on developing therapeutics for Alzheimer's disease and other degenerative disorders. Its lead drug candidate is COR388, an orally-administered brain-penetrating small molecule gingipain inhibitor, which has completed Phase 1a and Phase 1b clinical trials for use in patients with mild to moderate Alzheimer's disease.
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