SVB Securities downgrades Aptinyx to Market Perform, lowers price target to 50c

As previously reported, SVB Securities downgraded Aptinyx to Market Perform from Outperform with a price target of 50c, down from $2, after the company announced negative data for NYX-458 for a Phase 2 study in cognitive impairment in Parkinson’s disease and dementia with Lewy bodies, as well as termination of its ongoing study of NYX-783 in PTSD. While the firm still thinks the company’s NMDA modulation platform has value, it has no other products in clinical development and will undertake cost-cutting measures and explore strategic alternatives.