HC Wainwright Initiates Coverage on Cortexyme (NASDAQ:CRTX)

HC Wainwright started coverage on shares of Cortexyme (NASDAQ:CRTX) in a report released on Wednesday morning, BenzingaRatingsTable reports. The firm issued a buy rating and a $76.00 target price on the biopharmaceutical company’s stock.

A number of other analysts also recently issued reports on CRTX. ValuEngine downgraded shares of Cortexyme from a buy rating to a hold rating in a report on Friday, June 5th. Zacks Investment Research downgraded shares of Cortexyme from a buy rating to a hold rating in a report on Friday, April 10th. Jefferies Financial Group started coverage on shares of Cortexyme in a report on Tuesday, June 2nd. They issued a buy rating and a $59.00 price target on the stock. Canaccord Genuity reiterated a buy rating and issued a $70.00 price target (up from $42.00) on shares of Cortexyme in a report on Wednesday, May 13th. Finally, BidaskClub cut shares of Cortexyme from a strong-buy rating to a buy rating in a research note on Saturday, May 30th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. Cortexyme presently has a consensus rating of Buy and an average price target of $62.50.

Shares of CRTX stock opened at $47.15 on Wednesday. The company has a market capitalization of $1.39 billion and a price-to-earnings ratio of -23.46. Cortexyme has a one year low of $19.35 and a one year high of $73.84. The company’s fifty day moving average price is $48.44 and its 200-day moving average price is $48.14.

Cortexyme (NASDAQ:CRTX) last announced its quarterly earnings data on Tuesday, May 12th. The biopharmaceutical company reported ($0.61) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.45) by ($0.16). As a group, equities analysts expect that Cortexyme will post -2.57 earnings per share for the current year.

In other news, Director David Lamond purchased 5,448 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The stock was purchased at an average cost of $48.93 per share, with a total value of $266,570.64. Following the purchase, the director now owns 301,829 shares in the company, valued at $14,768,492.97. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Epiq Capital Group, Llc purchased 6,600 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were purchased at an average cost of $44.32 per share, with a total value of $292,512.00. The disclosure for this purchase can be found here. Insiders acquired a total of 120,596 shares of company stock valued at $5,944,646 over the last three months. Corporate insiders own 19.80% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC purchased a new position in shares of Cortexyme during the 1st quarter worth about $43,000. Golden State Wealth Management LLC bought a new stake in Cortexyme during the 1st quarter valued at about $46,000. Botty Investors LLC bought a new stake in Cortexyme during the 4th quarter valued at about $86,000. Bank of Montreal Can bought a new stake in Cortexyme during the 4th quarter valued at about $93,000. Finally, Victory Capital Management Inc. lifted its holdings in Cortexyme by 109.2% during the 4th quarter. Victory Capital Management Inc. now owns 1,665 shares of the biopharmaceutical company’s stock valued at $78,000 after buying an additional 869 shares in the last quarter. 27.43% of the stock is 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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