Roth Capital Highlights Key Points From Concert’s Partner Avanir Positive Phase II Results Of AVP-923
In a research report issued yesterday, Roth Capital analyst Joseph Pantginis maintained a Buy rating on Concert Pharmaceuticals (NASDAQ:CNCE) with a $28 price target, following the news that Concert’s partner Avanir Pharmaceuticals (NASDAQ:AVNR) has achieved positive Phase II results from a study evaluating the safety and efficacy of AVP-923 for the treatment of agitation in Alzheimer’s disease patients.
Pantginis noted, “We are encouraged by the Phase II data from the 220-patient study, which showed significant improvement in agitation (primary endpoint) over placebo as measured on the agitation/progression domain score of the neuropsychiatry inventory (NPI). Most secondary endpoints were also met, including NPI total score, clinical global impression of change-agitation, patient global impression of change, and measures of caregiver burden. The drug was well-tolerated, with no serious adverse events seen in the 10-week study. The most common AEs, which occurred in <10% of patients, included diarrhea, falls, and urinary tract infections. Avanir will request meetings with the FDA and EMA to discuss pivotal study designs. KOLs commented that with no currently approved treatment for Alzheimer’s disease-associated agitation, treatment with ‘923 could lead to a significant reduction in the burden to both patients and caregivers. Further data from the study are expected to be presented at the American Neurological Association Annual Meeting on October 12-14, 2014.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joseph Pantginis has a total average return of -7.0% and a 36.4% success rate. Pantginis has a 34.2% average return when recommending CNCE, and is ranked #3250 out of 3282 analysts.