Boston, MA 08/20/2014 (wallstreetpr) – Alcobra Ltd (NASDAQ:ADHD), an emerging drugs company with more than $296 million in market cap, announced first successful enrollment of a patient for its Phase IIb study of its drug candidate MDX for the Fragile X Syndrome.
The company intends to enroll 60 patients in the category of adolescents and adults for the 6 week study. The drug will be tried against a placebo. It targets 11 clinical sites, mostly in the U.S. for the trial of the experimental drug. According to CEO Yaron Daniely, their interest in the study is to hit end point targets, which is data that suggest a potential benefit for the Fragile X patients.
Alcobra Ltd (NASDAQ:ADHD) expects to complete the patients enrollment exercise and be able to report top-line data in 4Q2014, if all goes are planned.
Shares of Alcobra are up almost 15% this year but tumbled nearly 5% in the last session to end the day down at $20.67.
The company reported its most recent earnings on Aug. 11, during which it said it suffered a loss of $0.57 a share, but managed to live up to Wall Street expectation, which was a loss of $0.57 a share. The most recent quarter was characterized by higher operating expenses, which rose to $6.9 million compared with $6.5 million in 1Q2014 and $0.5 million in the like quarter last year. It said total expenses in the latest quarter were $7.8 million, which compared unfavorably with total expenses of $1.2 million in 2Q2013. However, total expenses remained flat on a quarter-to-quarter basis.
Alcobra Ltd (NASDAQ:ADHD) is mostly focused on the development of new treatments, especially for patients with cognitive disorders. Its current study areas include treatments for Fragile X Syndrome and Attention Deficient Hyperactivity Disorder (ADHD).
Analysts on the average recommend the stock of Alcobra Ltd (NASDAQ:ADHD) as a “buy”, and they have a target price of almost $34.