Shares of Alterity Therapeutics ATHE skyrocketed 153% on Monday after management announced promising new data from a preclinical study evaluating its lead candidate ATH434 in monkeys with experimentally-induced Parkinson's disease (PD).
The preclinical study compared daily oral doses of ATH434 with placebo over 12-14 weeks in monkeys after Parkinsonian symptoms were evident. Data from the study showed that treatment with ATH434 improved motor performance and general function, as measured by the Parkinson Behavior Rating Scale (PBRS).
Per Alterity, the favorable impact on PD symptoms was associated with lower iron levels in the area of pathology. In addition, treatment with ATH434 also showed an increase in levels of synaptophysin, a protein marker that reflects functional connections between neurons.
An oral candidate, ATH434, is designed to inhibit the aggregation of pathological proteins implicated in neurodegeneration.
Year to date, shares of Alterity Therapeutics have risen 20.6% against the industry’s 21.1% decline.
Image Source: Zacks Investment Research
Management claims that the above preclinical data will help the company improve its ability to predict clinical outcomes from the two ongoing mid-stage studies evaluating ATH434 as a potential treatment for Multiple System Atrophy (MSA), a rare neurodegenerative disease. A Parkinsonian disorder, MSA is marked by an underlying pathology similar to PD.
These preclinical results also validate the approach management is using in the clinical studies in MSA indication.
Alterity is currently evaluating ATH434 across two separate mid-stage studies in early-stage MSA and more advanced MSA. The therapy has been granted orphan drug designation in treating MSA indications by the FDA and the European Medicines Agency.
Zacks Rank & Key Picks
Alterity Therapeutics currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the overall healthcare sector include CytomX Therapeutics CTMX, Novo Nordisk NVO and Puma Biotechnology PBYI, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for CytomX Therapeutics’ 2023 loss per share have improved from 37 cents to 6 cents. During the same period, the loss estimates per share for 2024 have narrowed from 51 cents to 21 cents. Shares of CytomX have lost 10.0% in the year-to-date period.
CytomX Therapeutics’ earnings beat estimates in three of the last four quarters while missing the estimates on one occasion. On average, the company witnessed an average surprise of 45.44%. In the last reported quarter, CytomX Therapeutics’ earnings beat estimates by 123.53%.
In the past 60 days, estimates for Novo Nordisk’s 2023 earnings per share (EPS) have increased from $2.19 to $2.62. During the same period, the earnings estimates per share for 2024 have risen from $2.54 to $3.07. Shares of NVO have surged 49.1% in the year-to-date period.
Novo Nordisk’s earnings beat estimates in two of the last four quarters while meeting the mark on one occasion and missing the estimates on another. On average, the company witnessed an average surprise of 0.58%. In the last reported quarter, Novo Nordisk’s earnings beat estimates by 5.80%.
In the past 60 days, estimates for Puma Biotechnology’s 2023 EPS have increased from 67 cents to 72 cents. During the same period, the earnings estimates per share for 2024 have risen from 55 cents to 64 cents. Shares of PBYI have lost 10.2% in the year-to-date period.
Earnings of Puma Biotechnology beat estimates in three of the last four quarters while meeting the mark on one occasion, witnessing an average surprise of 76.55%. In the last reported quarter, Puma Biotechnology’s earnings beat estimates by 13.33%.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.0% per year. So be sure to give these hand-picked 7 your immediate attention.
See them now >>Novo Nordisk A/S (NVO) : Free Stock Analysis Report
Puma Biotechnology, Inc. (PBYI) : Free Stock Analysis Report
CytomX Therapeutics, Inc. (CTMX) : Free Stock Analysis Report
Prana Biotechnology Ltd (ATHE) : Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
