Cortexyme (NASDAQ:CRTX) Downgraded to Sell at Zacks Investment Research

Cortexyme (NASDAQ:CRTX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

According to Zacks, “Cortexyme Inc. is a clinical-stage biopharmaceutical company. It is focused on providing disease-modifying therapeutics to treat Alzheimer’s and other degenerative diseases. The company’s drug candidate consists of COR388 which is in clinical stage. Cortexyme Inc. is based in San Francisco, United States. “

Other equities analysts have also issued research reports about the stock. BidaskClub lowered shares of Cortexyme from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. Canaccord Genuity reiterated a “buy” rating and set a $70.00 price target (up previously from $42.00) on shares of Cortexyme in a report on Wednesday, May 13th. ValuEngine downgraded Cortexyme from a “buy” rating to a “hold” rating in a report on Friday, June 5th. Jefferies Financial Group initiated coverage on Cortexyme in a report on Tuesday, June 2nd. They set a “buy” rating and a $59.00 price target on the stock. Finally, HC Wainwright initiated coverage on Cortexyme in a report on Wednesday, June 24th. They set a “buy” rating and a $76.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. Cortexyme currently has a consensus rating of “Buy” and a consensus price target of $62.50.

CRTX traded down $2.15 during midday trading on Tuesday, hitting $45.00. 102,100 shares of the company’s stock traded hands, compared to its average volume of 160,363. The company has a market cap of $1.31 billion and a PE ratio of -22.39. The stock’s fifty day simple moving average is $48.57 and its 200-day simple moving average is $48.49. Cortexyme has a one year low of $19.35 and a one year high of $73.84.

Cortexyme (NASDAQ:CRTX) last issued its quarterly earnings data on Tuesday, May 12th. The biopharmaceutical company reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($0.16). On average, equities analysts forecast that Cortexyme will post -2.57 earnings per share for the current fiscal year.

In related news, Director David Lamond acquired 5,448 shares of the stock in a transaction dated Friday, May 15th. The shares were acquired at an average price of $48.93 per share, for a total transaction of $266,570.64. Following the completion of the purchase, the director now owns 301,829 shares in the company, valued at approximately $14,768,492.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Epiq Capital Group, Llc acquired 6,085 shares of the stock in a transaction dated Wednesday, May 20th. The stock was bought at an average price of $57.95 per share, for a total transaction of $352,625.75. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 120,596 shares of company stock worth $5,944,646. 19.80% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the company. Parallel Advisors LLC acquired a new stake in shares of Cortexyme in the first quarter worth $43,000. Golden State Wealth Management LLC acquired a new stake in Cortexyme during the first quarter worth $46,000. Botty Investors LLC acquired a new stake in Cortexyme during the fourth quarter worth $86,000. Bank of Montreal Can acquired a new stake in Cortexyme during the fourth quarter worth $93,000. Finally, Victory Capital Management Inc. boosted its stake in Cortexyme by 109.2% during the fourth quarter. Victory Capital Management Inc. now owns 1,665 shares of the biopharmaceutical company’s stock worth $78,000 after buying an additional 869 shares in the last quarter. Institutional investors and hedge funds own 27.43% of the company’s stock.

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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