Alzamend Neuro (ALZN) stock rocketed on Thursday after the clinical-stage biopharmaceutical company announced the dosing of the first patient in its Phase II clinical study of AL001. This study will focus on measuring the effects of AL001 and its ability to deliver lithium more effectively to the brain compared to marketed lithium salts. The study is using healthy humans to create a baseline for later tests.
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Alzamend Neuro highlighted the potential of AL001 as a treatment for Alzheimer’s disease, bipolar disorder, major depressive disorder, and post-traumatic stress disorder. The company expects to have topline results from the clinical trial by the end of the year.
ALZN stock surged 143.98% as of Thursday morning. That follows a 68.2% year-to-date drop and a year-over-year decline of 93.65%.
Is Alzamend Neuro Stock a Buy, Sell, or Hold?
Turning to Wall Street, only one analyst has covered Alzamend Neuro in the past three months. Ascendiant’s Edward Woo has a Buy rating and a $20 price target for ALZN stock, representing a potential 502.41% upside for the shares.
