Mizuho downgraded Athira Pharma to Neutral from Outperform with a price target of 50c, down from $5. The firm cites the negative Phase 2/3 LIFT-AD study data for the company’s lead asset fosgonimeton in Alzheimer’s disease and yesterday’s announcement of a fosgonimeton program termination for the downgrade. The firm says the first top-line efficacy data for ATH-1105 in amyotrophic lateral sclerosis, likely coming in 2026, may provide an opportunity to revisit the thesis.
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