The market’s skepticism around Aptinyx Inc’s APTX post-traumatic stress disorder (PTSD) candidate appears overdone, according to Piper Sandler.
The Aptinyx Analyst: Christopher Raymond initiated coverage of Aptinyx with an Overweight rating and a price target of $10.
The Aptinyx Thesis: Apart from the PTSD candidate, another two modulators show “meaningful potential,” which could lend upside to the stock over the intermediate- to longer-term, Raymond said.
“We understand the skepticism around PTSD but objectively, NYX-783 is the most promising agent in this condition in decades… And with management guiding to initiation of a pivotal trial next year, we think any sign of tacit FDA endorsement of these data is likely to be stock-moving,” he wrote in a note.
“Alongside NYX-783, another high-potential NMDAR modulator is NYX-2925, which should restart P2 enrollment in painful diabetic peripheral neuropathy this quarter, with POC data by 2022,” the analyst added.
Combining these compounds, the worldwide end-user revenue estimates are $159 million, $372 million, $605 million, $867 million, and $1.1 billion for 2026 through 2030, respectively, Raymond said.
APTX Price Action: Shares of Aptinyx were down 2% to $2.92 at the time of publication Tuesday.
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