Cortexyme (NASDAQ:CRTX) Upgraded to Buy at Zacks Investment Research

Cortexyme (NASDAQ:CRTX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Zacks.com reports. The brokerage currently has a $33.00 price target on the biopharmaceutical company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 11.15% from the stock’s previous close.

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. “

Several other research analysts also recently weighed in on CRTX. Canaccord Genuity assumed coverage on shares of Cortexyme in a report on Monday, June 3rd. They issued a “buy” rating and a $42.00 target price for the company. JMP Securities assumed coverage on shares of Cortexyme in a report on Monday, June 3rd. They issued a “mkt outperform” rating and a $53.00 target price for the company. Credit Suisse Group assumed coverage on shares of Cortexyme in a report on Monday, June 3rd. They issued an “underperform” rating and a $14.00 target price for the company. Finally, Bank of America began coverage on shares of Cortexyme in a report on Monday, June 3rd. They issued a “neutral” rating and a $28.00 target price for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company. Cortexyme has a consensus rating of “Hold” and a consensus target price of $34.00.

Cortexyme stock traded down $0.07 during mid-day trading on Wednesday, hitting $29.69. The stock had a trading volume of 33,496 shares, compared to its average volume of 100,815. The company has a 50 day moving average of $37.23. Cortexyme has a one year low of $19.50 and a one year high of $47.50.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. bought a new position in shares of Cortexyme during the 2nd quarter valued at about $7,428,000. BlackRock Inc. bought a new position in shares of Cortexyme during the 2nd quarter valued at about $5,926,000. Morgan Stanley bought a new position in shares of Cortexyme during the 2nd quarter valued at about $1,970,000. Charles Schwab Investment Management Inc. bought a new position in shares of Cortexyme during the 2nd quarter valued at about $1,052,000. Finally, Northern Trust Corp bought a new position in shares of Cortexyme during the 2nd quarter valued at about $991,000. 0.03% of the stock is owned by institutional investors and hedge funds.

Cortexyme Company Profile

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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