On Wednesday, H.C. Wainwright adjusted its stock price target for Cognition Therapeutics (NASDAQ:CGTX), a company focused on the development of drugs for neurological disorders, to $7.00 from the previous $10.00, while maintaining a Buy rating on the stock. This revision follows the report of clinical trial results for the company's Alzheimer's disease treatment, CT1812.
Earlier in the week, Cognition Therapeutics released results from the Phase 2 "SHINE" study (NCT03507790) of CT1812 in Alzheimer's disease (AD) patients. The study indicated that after six months of treatment, there was a consistent trend of cognitive improvement compared to a placebo.
The improvements were observed across various cognitive measures, including ADAS-Cog11, ADAS-Cog13, cognitive composite, and the Mini Mental State Exam (MMSE). Moreover, there were indications of enhancement in functional measures.
These findings were presented at the Alzheimer’s Association’s International Conference (AAIC) on July 29, 2024, in Philadelphia, PA. The 182-day treatment with CT1812, particularly in the 100mg dose cohort, demonstrated evidence of clinical advancements in cognition. This data is expected to guide the dosage selection for future clinical development stages.
The "SHINE" study enrolled 153 adults with mild-to-moderate Alzheimer's disease, who were evenly randomized into three groups to receive either one of two oral daily doses of CT1812 (100mg or 300mg) or a placebo.
At the midpoint of the study, Day 98, the treatment showed statistical significance for the ADAS-Cog11 and MMSE endpoints (p<0.05). By Day 182, CT1812-treated participants exhibited a 39% slower decline in condition compared to those given a placebo, as measured by ADAS-Cog11.
Despite the promising results, CT1812 did not reach statistical significance for the first of the secondary efficacy endpoints when comparing the pooled doses against the placebo. H.C. Wainwright reiterated their Buy rating for Cognition Therapeutics but reduced the 12-month price target, citing an increased discount rate to 15% and a slight rise in the estimated probability of CT1812's approval for mild AD to 35%.
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