Company

Bank

Analyst

Coverage

Opinion

Wk chg

6/14 cls

Addex Therapeutics Ltd. (SIX:ADXN)

Wedbush

Christopher Marai

Downgrade

Neutral (from outperform)

18%

CHF3.98

Marai also lowered his target to CHF5 from CHF28 after Addex said it would reduce headcount by 17 (89%) to 2 people to conserve cash while pursuing a 2004 deal with the Janssen Pharmaceuticals Inc. subsidiary of Johnson & Johnson (NYSE:JNJ). Marai sees little upside until the "turnaround plan" is complete in 3-6 months. In 2004, Addex and Janssen partnered to discover, develop and commercialize positive allosteric modulators (PAM) of metabotropic glutamate receptor subtype 2 (mGluR2) to treat anxiety, schizophrenia and other undisclosed indications. At Dec. 31, 2012, Addex had CHF15.3M ($16.7M) in cash and a 2012 operating loss of CHF27M ($29.5M) (see BioCentury, June 3).

Biogen Idec Inc. (NASDAQ:BIIB)

Citi

Yaron Werber

Downgrade

Neutral (from buy)

-6%

$211.99