Cortexyme (NASDAQ:CRTX) Raised to “Hold” at Zacks Investment Research

Cortexyme (NASDAQ:CRTX – Get Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports.

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. “

Other equities research analysts have also issued research reports about the company. HC Wainwright dropped their price target on Cortexyme from $30.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, March 9th. Canaccord Genuity Group lowered Cortexyme from a “buy” rating to a “hold” rating and dropped their price target for the stock from $75.00 to $12.00 in a research note on Friday, January 28th. Canaccord Genuity Group lowered Cortexyme from a “buy” rating to a “hold” rating and dropped their price target for the stock from $75.00 to $12.00 in a research note on Friday, January 28th. Finally, JMP Securities downgraded Cortexyme from an “outperform” rating to a “market perform” rating in a report on Thursday, January 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $22.54.

NASDAQ:CRTX traded down $0.19 during trading hours on Tuesday, hitting $4.81. 289,210 shares of the company’s stock traded hands, compared to its average volume of 790,614. The business’s fifty day simple moving average is $5.35 and its two-hundred day simple moving average is $20.44. Cortexyme has a 52 week low of $3.79 and a 52 week high of $121.98. The firm has a market cap of $145.00 million, a P/E ratio of -1.64 and a beta of 0.98.

Cortexyme (NASDAQ:CRTX – Get Rating) last issued its quarterly earnings results on Tuesday, March 1st. The biopharmaceutical company reported ($0.78) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.65) by ($0.13). As a group, equities research analysts anticipate that Cortexyme will post -2.44 earnings per share for the current fiscal year.

Several hedge funds have recently bought and sold shares of the business. EPIQ Capital Group LLC boosted its position in shares of Cortexyme by 8.0% in the 4th quarter. EPIQ Capital Group LLC now owns 4,269,109 shares of the biopharmaceutical company’s stock worth $53,876,000 after purchasing an additional 315,514 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Cortexyme by 472.6% in the 4th quarter. Bank of America Corp DE now owns 224,376 shares of the biopharmaceutical company’s stock worth $2,832,000 after purchasing an additional 284,598 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its position in shares of Cortexyme by 1,282.6% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 221,351 shares of the biopharmaceutical company’s stock worth $2,793,000 after purchasing an additional 205,341 shares in the last quarter. Capital Fund Management S.A. bought a new stake in shares of Cortexyme in the 4th quarter worth approximately $2,375,000. Finally, BNP Paribas Arbitrage SA boosted its position in shares of Cortexyme by 4,905.9% in the 4th quarter. BNP Paribas Arbitrage SA now owns 179,613 shares of the biopharmaceutical company’s stock worth $2,267,000 after purchasing an additional 176,025 shares in the last quarter. Hedge funds and other institutional investors own 59.22% of the company’s stock.

About Cortexyme (Get Rating)

Cortexyme, Inc, a clinical stage biopharmaceutical company, focuses on developing therapeutics for Alzheimer's and other degenerative diseases. Its lead drug candidate is atuzaginstat (COR388), an orally administered brain-penetrating small molecule gingipain inhibitor, which is in Phase II/III clinical trial for use in patients with mild to moderate Alzheimer's disease, as well as for the treatment of oral squamous cell carcinoma, periodontitis, and coronavirus infection.

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