Roth Capital Reiterates Buy On Neuroderm On The Back Of Phase 2a Data In Parkinson’s Disease
In a research report issued today, Roth Capital analyst Scott Henry reiterated a Buy rating on Neuroderm (NASDAQ:NDRM) with a $17.50 price target, following news that phase 2a clinical data demonstrated clinically significant plasma levodopa levels for the company’s ND0612H and ND0612L for the treatment of Parkinson’s disease.
Henry wrote, “We believe that this pump-based system of delivering levodopa could have advantages over the current standard of care including improved efficacy, lower side effects, and an easier form of delivery.” He continued, “The compounds have a clinical hold in the US pending an extractables and leachables study. We expect that this will be removed in 1H15 and that the next US trials will start in 2H15.”
The analyst concluded, “The data confirms our positive hypothesis. We are a bit surprised in the magnitude of the stock price reaction based on the already available interim analysis.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Scott Henry has a total average return of 7.5% and a 47.6% success rate. Henry has a -11.1% average return when recommending NDRM, and is ranked #671 out of 3426 analysts.