Athira Pharma downgraded to Neutral from Buy at BTIG

BTIG analyst Thomas Shrader downgraded Athira Pharma to Neutral from Buy after the company announced that its clinical trial of fosgonimeton for Alzheimer’s disease primary endpoint was not met. The company has a second-generation molecule that has better systemic exposure and is targeting ALS, though ALS is seen as a “more challenging indication” that might match the broad effects of HGF/Met activation, the analyst tells investors in a research note. The firm does not see Fosgo with a way forward in an area of drug development where trials are expensive and investors are relatively skeptical, BTIG adds, also noting that the company has about $75.1M in cash and may look to change directions.