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Addex Therapeutics

ADXN · SWISS

$2.97+$0.0779 (+2.69%)TodayMarket closed ·
Prev close $2.89

ADXN analyst rating

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The case for and against

Updated Feb 14, 2025

Bull case

Addex Therapeutics Ltd is positioned favorably within the biopharmaceutical sector, particularly following the successful completion of the Neurosterix spinout, which received $63 million in funding and highlights the company's strategic approach to unlocking shareholder value through partnerships and asset management. The company has demonstrated significant cost reductions while advancing its chronic cough program, which exhibits promising attributes that may enhance its competitive edge in the market. Furthermore, the ongoing collaboration with Indivior shows potential for substantial growth, as the lead candidate has performed well in preclinical models, paving the way for future development and value generation beyond current market projections.

Bear case

Addex Therapeutics Ltd faces a negative outlook primarily due to the halting of a Phase 2b/3 trial for its lead asset, dipraglurant, attributed to slow patient recruitment, which raises concerns about its clinical viability. The company is also subject to significant risks that include potential inability to capitalize on the dipraglurant asset and challenges with other candidates in its pipeline, potentially limiting future revenue streams. Additionally, there are ongoing partnership risks, particularly concerning its collaboration with Indivior, and the prospect of long-term dilution could further deter investor confidence.

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