Cortexyme (NASDAQ:CRTX) Coverage Initiated by Analysts at Credit Suisse Group

Equities research analysts at Credit Suisse Group started coverage on shares of Cortexyme (NASDAQ:CRTX) in a research note issued on Monday, June 3rd, Marketbeat reports. The brokerage set an “underperform” rating and a $14.00 price target on the biopharmaceutical company’s stock. Credit Suisse Group’s target price suggests a potential downside of 63.74% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. Canaccord Genuity started coverage on Cortexyme in a report on Monday, June 3rd. They issued a “buy” rating and a $42.00 price target for the company. Bank of America assumed coverage on Cortexyme in a report on Monday, June 3rd. They set a “neutral” rating and a $28.00 price objective for the company. Finally, JMP Securities assumed coverage on Cortexyme in a report on Monday, June 3rd. They set a “mkt outperform” rating and a $53.00 price objective for the company.

Shares of CRTX traded up $0.56 during trading hours on Monday, hitting $38.61. 56,005 shares of the stock traded hands, compared to its average volume of 119,118. The firm has a fifty day simple moving average of $28.39. Cortexyme has a 1-year low of $19.50 and a 1-year high of $47.50.

In related news, major shareholder Pfizer Inc purchased 50,000 shares of Cortexyme stock in a transaction that occurred on Monday, May 13th. The stock was purchased at an average cost of $17.00 per share, with a total value of $850,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

About Cortexyme

Cortexyme, Inc, a clinical stage biopharmaceutical company, focuses on developing therapeutics for Alzheimer's disease and other degenerative disorders. Its lead drug candidate is COR388, an orally-administered brain-penetrating small molecule gingipain inhibitor, which has completed Phase 1a and Phase 1b clinical trials for use in patients with mild to moderate Alzheimer's disease.

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