Jul. 28 at 4:35 PM
Mizuho⬆️
$ALEC to Outperform-
$3.5 from Neutral-
$2.5, and additionally⬆️latozinemab PoS to 60% from 50% after #KOL feedback was more +VE than Miz anticipated.
$GSK $LLY $TAK $PASG DNLI HLBBF
Mizuho said in its note to investors: "We upgrade
$ALEC to Outperform and raise our PT to
$3.50 (vs.
$2.50 prior).
Investing in the neuro space is hard, particularly in names like
$ALEC that focus on neurodegenerative diseases; that said, with last reported cash of ~
$350MN (and
$ALEC valued at roughly half that), pessimism on the name seems overly excessive.
Next for
$ALEC, we await top-line P3 data for lead asset latozinemab in frontotemporal dementia/FTD (expected in 4Q25), and based on KOL feedback we recently heard that was more positive than we'd anticipated, we now raise our POS for latozinemab to 60% (vs. 50% prior), driving our 40% PT increase."
Mizuho went on to give its bigger picture (in image):
