Cortexyme (NASDAQ:CRTX) Downgraded to “Sell” at Zacks Investment Research

Cortexyme (NASDAQ:CRTXGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday, 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 analysts have also issued reports about the company. JMP Securities lowered Cortexyme from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 27th. Canaccord Genuity Group lowered Cortexyme from a “buy” rating to a “hold” rating and reduced their price objective for the company 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 reduced their price objective for the company from $75.00 to $12.00 in a research note on Friday, January 28th. Finally, HC Wainwright reduced their price objective on Cortexyme from $30.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, March 9th. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Cortexyme presently has a consensus rating of “Hold” and an average price target of $22.54.

Shares of NASDAQ CRTX traded down $0.37 during mid-day trading on Monday, reaching $4.29. The company had a trading volume of 475,261 shares, compared to its average volume of 773,741. Cortexyme has a one year low of $3.79 and a one year high of $121.98. The firm has a market cap of $129.33 million, a price-to-earnings ratio of -1.46 and a beta of 0.98. The business’s 50-day simple moving average is $5.24 and its 200 day simple moving average is $17.34.

Cortexyme (NASDAQ:CRTXGet Rating) last issued its quarterly earnings results on Tuesday, March 1st. The biopharmaceutical company reported ($0.78) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.65) by ($0.13). Equities research analysts predict that Cortexyme will post -2.44 EPS for the current fiscal year.

Several hedge funds have recently made changes to their positions in the company. Parametric Portfolio Associates LLC boosted its stake in shares of Cortexyme by 3.8% during the second quarter. Parametric Portfolio Associates LLC now owns 7,236 shares of the biopharmaceutical company’s stock valued at $384,000 after purchasing an additional 262 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Cortexyme by 4.9% during the second quarter. Wells Fargo & Company MN now owns 12,398 shares of the biopharmaceutical company’s stock valued at $657,000 after purchasing an additional 583 shares in the last quarter. Credit Suisse AG boosted its stake in shares of Cortexyme by 7.4% during the third quarter. Credit Suisse AG now owns 10,324 shares of the biopharmaceutical company’s stock valued at $946,000 after purchasing an additional 715 shares in the last quarter. Point72 Hong Kong Ltd boosted its stake in shares of Cortexyme by 326.5% during the third quarter. Point72 Hong Kong Ltd now owns 998 shares of the biopharmaceutical company’s stock valued at $91,000 after purchasing an additional 764 shares in the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in shares of Cortexyme in the third quarter worth approximately $79,000. 59.22% of the stock is currently owned by hedge funds and other institutional investors.

Cortexyme Company Profile (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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