On Wednesday, Annovis Bio Inc. (NYSE:ANVS) experienced a change in stock rating as Brookline Capital Markets shifted its view from Buy to Hold, setting a new price target at $9.00.
This adjustment comes following fresh insights regarding the company's Phase 3 Parkinson's disease (PD) trial and recent discussions with Annovis Bio management.
The revised primary endpoint for the trial now focuses on the Movement Disorder Society-Unified Parkinson's Disease Rating Scale (MDS-UPDRS) Part II alone, rather than combining Parts II and III as previously planned.
According to Brookline Capital Markets, this alteration is significant because no Phase 3 PD trial to date has demonstrated a statistically significant improvement using MDS-UPDRS Part II as the sole primary outcome measure.
Further concerns have been raised due to data-cleaning efforts which revealed that plasma readings for some patients were unexpectedly low. The company is investigating the potential causes, noting that this issue could potentially impact up to 40 patients in the trial.
Additionally, one to two trial sites are expected to be excluded from the study due to issues with record-keeping, affecting approximately 10 patients.
The culmination of these factors has led to a less optimistic outlook on the potential success of Annovis Bio's Phase 3 PD trial.
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