Study Review Shows Greater Promise for Biopharma Co.’s Cough Treatment
August 3, 2022 (Investorideas.com Newswire) After Algernon Pharmaceuticals Inc.’s Ifenprodil treatment for chronic cough was reviewed in a Phase 2 analysis, analysts at Research Capital Corp. noted that it is maintaining its Speculative Buy rating on the company.
In a July 28 research note Research Capital Corp. analyst Andre Uddin, Ph.D., noted the promise he sees in Algernon Pharmaceuticals Inc. (AGN:CSE; AGNPF:OTCQB; AGN0:XFRA) after its Phase 2a study Ifenprodil treatment for chronic cough was reviewed by Dr. Jacky Smith.
Smith is a professor of respiratory medicine at the University of Manchester and also works as an honorary consultant at Manchester University NHS Foundation.
Uddin noted that “Dr. Smith has been instrumental in helping Bellus Health Inc. advance (its) chronic cough candidate – hence her opinion on Algernon’s cough candidate should not be taken lightly.”
After the review, Dr. Smith concluded that the cough data from Algernon showed substantial improvement in mean objective 24-hour and waking cough counts after four and 12 weeks. The 24-hour cough counts were reduced by 32% at four weeks and 39.5% at 12 weeks compared to the baseline. Also, the awake cough counts were reduced by 30.2% at four weeks and 37.4% at 12 weeks compared to the baseline.
Uddin said: “It is our belief that it would be logical to develop Ifenprodil for two indications: in IPF patients and also in IPF patients who have chronic cough.”
He added that the stock is currently trading at a significant discount versus the reviewed study data, and the company is essentially being valued as a private startup.
“If AGN had a larger market cap and more cash on its balance sheet, we believe institutional investors would be able to buy the stock easier,” Uddin noted.
Research Capital Corp. is maintaining its Speculative Buy rating and CA$25 target price.
Algernon Pharmaceuticals Inc. last closed at CA$3.44 on July 29. The company has around 1.979 million shares outstanding and a market cap of CA$5.76 million.[SMNLINSERT]
1) Katherine DeGilio wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. They or members of their household own securities of the following companies mentioned in the article: None. They or members of their household are paid by the following companies mentioned in this article: None.
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Disclosures for Research Capital Corp., Algernon Pharmaceuticals Inc., July 28, 2022
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