Algernon Pharmaceuticals Inc. (AGN:CSE; AGNPF:OTCQB; AGN0:XFRA) got sold down further than we expected, making an unexpected further drop last week that took it down close to a trendline connecting a series of lows.
However, it now looks set to reverse to the upside, especially as this morning it came out with the news that it has entered into a clinical trial agreement with Yale University for a DMT Phase 2 Depression Study.
The fact that it has only 2 million shares in issue improves its potential for rapid recovery.
Anyone holding should therefore stay long, and it is rated a Buy again here. Those interested should aim to buy it as soon as possible after the open this morning.
Algernon Pharmaceuticals's website.
Algernon Pharmaceuticals Inc. closed at CA$2.90, $2.09 on October 21, 2022.
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The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.
Disclosures:
1) Clive Maund: I, or members of my immediate household or family, own securities of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None.
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