Clinical stage biopharmaceutical company Cortexyme, Inc. (CRTX) recently announced the selection of a lead 3CLpro inhibitor (COR803) to treat coronavirus infections.
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Following the news, shares of the company declined marginally to close at $64.20 in the extended trading session.
With its expertise in cysteine protease inhibition, Cortexyme discovered and developed COR803 as a novel patent-pending small molecule 3CLpro inhibitor. The validated antiviral drug target, 3CLpro, has shown to be essential in viral replication of SARS-CoV-2.
The CEO of Cortexyme, Casey Lynch, said, “The target of COR803 is highly conserved across variants and among coronaviruses in general, therefore it is expected to address both current and future coronavirus strains, including the delta variant of SARS-CoV-2. We have selected COR803 based on compelling data to support its development as a potential therapy that could be prescribed at the first sign of infection or after known exposures without requiring patients to be hospitalized, as well as for those in critical care.” (See Cortexyme stock chart on TipRanks)
Two months ago, Canaccord Genuity analyst Sumant Kulkarni reiterated a Buy rating on the stock with a price target of $16.82. The analyst’s price target implies upside potential of 16.8% from current levels.
Consensus among analysts is a Strong Buy based on 3 unanimous Buys. The average Cortexyme price target of $113.67 implies upside potential of 77.1% from current levels. Shares have gained 50.8% over the past year.
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