Company

Bank

Analyst

Coverage

Opinion

Wk chg

9/7 cls

Addex Therapeutics Ltd. (SIX:ADXN)

Wedbush

Christopher Marai

New

Outperform

21%

CHF9.20

Marai set a CHF28 target. He believes the "primary value driver" for Addex is a potential near-term partnership for dipraglurant-IR. The immediate-release formulation of a negative allosteric modulator of metabotropic glutamate receptor subtype 5 (mGluR5) is in Phase II testing to treat Parkinson's disease levodopa-induced dyskinesia (PD-LID). Marai anticipates a partnership by year end or 1H13. He believes peak dipraglurant sales in PD-LID and other indications could exceed $1.5B.

ImmunoCellular Therapeutics Ltd. (NYSE-M:IMUC)

Maxim Group

Jason Kolbert

New

Buy

23%

$3.17

Kolbert set an $18 target on the belief that ImmunoCellular has the potential to create a second-generation dendritic cancer vaccine that addresses "perceived shortfalls" of prostate cancer vaccine Provenge sipuleucel-T from Dendreon Corp. (NASDAQ:DNDN), including high manufacturing costs. ImmunoCellular's lead product ICT-107 is an intradermal tumor associated antigen-pulsed dendritic cell-based therapeutic vaccine in Phase II testing to treat glioblastoma multiforme (GBM). Kolbert anticipates Phase II data in 2H13, followed by approval in the EU in 2014 and in the U.S. in 2018. He estimates ICT-107 sales could reach $2.3B in 2022.