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Investing.com - H.C. Wainwright has reiterated its Buy rating and $3.00 price target on Cognition Therapeutics (NASDAQ:CGTX) after the company announced its Phase 2 START Study surpassed 50% enrollment. The target represents significant upside from the current price of $0.34, though the stock has faced headwinds, declining over 80% in the past year.
The START Study (NCT05531656) is evaluating zervimesine (CT1812) in patients with mild Alzheimer’s disease, with participants receiving either the drug or placebo for 18 months.
The trial is being conducted in partnership with the Alzheimer’s Clinical Trials Consortium (ACTC) and has received $81 million in grant support from the National Institute of Aging (NIA) at the National Institutes of Health.
The study aims to enroll up to 540 individuals across approximately 50 sites in the United States, including institutions within the ACTC network.
H.C. Wainwright maintained its 12-month price target of $3.00 for Cognition Therapeutics following this enrollment milestone.
In other recent news, Cognition Therapeutics has made significant strides in its clinical trials, particularly with its Alzheimer’s and dry age-related macular degeneration (AMD (NASDAQ:AMD)) studies. The company announced that its Phase 2 START Study for early Alzheimer’s disease has reached over 50% enrollment, aiming to include up to 540 individuals. The trial, supported by $81 million in grant funding from the National Institute of Aging, evaluates the drug zervimesine. Meanwhile, the Phase 2 MAGNIFY trial for geographic atrophy secondary to dry AMD reported that zervimesine slowed the growth of lesions by 28.6% and reduced their size by 28.2% compared to a placebo. Despite these promising results, Cognition Therapeutics decided not to continue developing zervimesine for dry AMD at this time to conserve resources. H.C. Wainwright maintained its Buy rating on Cognition Therapeutics, adjusting its price target to $3, reflecting anticipated equity dilution. The firm highlighted the clinical potential of zervimesine, particularly in Alzheimer’s and dementia with Lewy bodies, as Cognition advances its plans for a Phase 3 program. Cognition also announced an expanded access program for zervimesine in dementia with Lewy bodies, supported by an anonymous donation.
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