Price Target Changed • Feb 25
Price target increased by 9.3% to US$41.00 Up from US$37.50, the current price target is an average from 4 analysts. New target price is 41% above last closing price of US$29.06. Stock is up 2.0% over the past year. The company is forecast to post a net loss per share of US$2.12 next year compared to a net loss per share of US$32.52 last year. Announcement • Jan 10
Astrazeneca Finance And Holdings Inc. entered into an Agreement and Plan of Merger to acquire CinCor Pharma, Inc. (NasdaqGM:CINC) from a group of shareholders for $1.1 billion. Astrazeneca Finance And Holdings Inc. entered into an Agreement and Plan of Merger to acquire CinCor Pharma, Inc. (NasdaqGM:CINC) from a group of shareholders for $1.1 billion on January 8, 2023. Under the terms of the merger agreement, AstraZeneca is obligated to initiate a tender offer by January 23, 2023 to acquire all of CinCor’s outstanding shares for a price of $26.00 per share in cash at closing plus a non-tradable contingent value right of $10.00 per share in cash payable upon a specified regulatory submission of a baxdrostat product. In case of termination under certain circumstances, CinCor will be required to pay a termination fee of an amount in cash equal to c37,770,000.
The closing of the tender offer is subject to certain conditions, including the tender of shares of CinCor common stock representing at least a majority of the total number of CinCor’s outstanding shares, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary conditions. CinCor’s Board of Directors has unanimously approved the transaction. The board of directors of Astrazeneca have approved this Agreement. CinCor stockholders holding approximately 44.8% of CinCor common stock have entered into a tender and support agreement with AstraZeneca, pursuant to which such stockholders have agreed, among other things, to tender 100% of their shares of CinCor common stock in the tender offer, subject to the terms and conditions of such agreement. Supporting shareholders are Sofinnova Venture Partners X, L.P., Sofinnova Capital IX, 5AM Ventures VI, L.P., 5AM Opportunities I, L.P., 5AM Opportunities II, L.P. and General Atlantic (CIN), L.P. The acquisition is expected to close in the first quarter of 2023.
Centerview Partners LLC is acting as exclusive financial advisor and Rama Padmanabhan, Rowook Park and Div Gupta of Cooley LLP acting as legal advisors to CinCor. Centerview Partners LLC acted as fairness opinion provider to the board of CinCor. Michael Riella of Covington & Burling LLP acted as legal advisor to AstraZeneca Finance and Holdings Inc. Graham Robinson and Laura P. Knoll of Skadden represented Centerview Partners LLC as financial advisor to CinCor Pharma, Inc. Announcement • Nov 29
CinCor Pharma, Inc Announces Topline Data for Phase 2 HALO Trial Evaluating Selective Aldosterone Synthase Inhibitor Baxdrostat in Uncontrolled Hypertension CinCor Pharma, Inc. announced the topline results and completion of its Phase 2 HALO trial evaluating the efficacy and safety of baxdrostat in patients with uncontrolled hypertension taking up to two blood pressure medications at the maximally tolerated doses. Baxdrostat is a once daily potentially first-in-class, highly selective aldosterone synthase inhibitor. While HALO did not achieve statistical significance on its primary endpoint evaluating change from baseline in mean seated systolic blood pressure (SBP) in the intention to treat (ITT) population (n = 249), a pre-specified subgroup analysis of non-Hispanic patients (47%, 116/249) representing approximately 81-89% of the hypertension population in the United States, demonstrated a placebo-adjusted reduction in SBP of 12.6 mmHg (nominal p-value = 0.001) at the 2 mg dose. The safety profile and tolerability of baxdrostat was consistent with previously reported Phase 2 BrigHtn data in resistant hypertension. HALO did not achieve its primary endpoint of statistically significant change from baseline in mean seated SBP versus placebo in the ITT population; however, statistically significant reduction in SBP in the prespecified non-Hispanic subgroup analysis was demonstrated Hispanic or Latino patients represented 53% (133/249) of the ITT population of the study The non-Hispanic population of HALO represented 46% (116/249) of the ITT population in the study but represents approximately 81-89% of the hypertensive population of the U.S. The HALO trial was a Phase 2 randomized, double-blind, placebo-controlled, multicenter, parallel-group, clinical trial designed to assess the safety and efficacy of baxdrostat in subjects taking up to two antihypertensive agents at their maximally tolerated dosages. The trial evaluated three active doses of baxdrostat (0.5 mg, 1.0 mg, and 2.0 mg) compared to placebo control in 249 patients randomized across all four dosing cohorts, with 249 patients completing. The primary endpoint of the trial was the change in SBP after eight weeks of treatment. Background antihypertensive therapy was to be discontinued after these eight weeks, and patients only took baxdrostat at the 2.0 mg dose for four additional weeks in Part 2 of the trial to characterize monotherapy responses and to enable long-term safety assessments of the drug in the ongoing 52-week open label extension study that follows the HALO trial, which is expected to be completed in the second half of 2023. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director June Lee was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 29
CinCor Pharma Announces Late-Breaking Presentation of Phase 2 BrigHtn Data for Baxdrostat in Treatment-Resistant Hypertension at the Upcoming 2022 American Heart Association Scientific Sessions CinCor Pharma, Inc. announced that the company will present Phase 2 data from its BrigHtn trial evaluating baxdrostat in patients with treatment-resistant hypertension as part of the late-breaking science session at the upcoming 2022 American Heart Association (AHA) Scientific Sessions taking place November 5-7, 2022, virtually and in Chicago, Illinois. Baxdrostat is a highly selective, once daily, oral small molecule inhibitor of aldosterone synthase. The presentation will include clinical data from CinCor’s BrigHtn trial, a Phase 2 randomized, double-blind, multicenter, placebo-controlled dose-ranging study designed to assess the safety and efficacy of baxdrostat in subjects who have not achieved their target blood pressure despite receiving three or more antihypertensive agents at their maximally tolerated doses, one of which must be a diuretic. Recent Insider Transactions Derivative • Aug 09
Independent Chairman of the Board exercised options to buy US$969k worth of stock. On the 5th of August, James Healy exercised options to buy 29k shares at a strike price of around US$13.60, costing a total of US$400k. Since December 2021, James has not owned shares directly. Company insiders have collectively bought US$679k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Aug 09
CinCor Pharma, Inc. Announces Positive Topline Data for Phase 2 BrigHtn Trial Evaluating Baxdrostat, its Selective Aldosterone Synthase Inhibitor, in Treatment-Resistant Hypertension CinCor Pharma, Inc. announced the topline results and successful completion of its Phase 2 BrigHtn trial evaluating the efficacy and safety of baxdrostat, a once daily potentially first-in-class, highly selective aldosterone synthase inhibitor in patients with treatment-resistant hypertension, defined as patients taking at least three blood pressure medications at their maximally tolerated doses, one of which must be a diuretic. Results showed baxdrostat met its primary endpoint and achieved statistically significant placebo-adjusted reduction in systolic blood pressure, including 11 mmHg (p-value < 0.0001) at a dose of 2 mg. Key clinical data from BrigHtn suggests impressive efficacy and meaningful dose dependency in the treatment of patients with resistant hypertension: BrigHtn successfully met its primary endpoint, demonstrating a statistically significant change from baseline in mean seated SBP versus placebo for the 2 mg and 1 mg doses: 20.3 mmHg SBP reduction at the 2 mg dose, or 11.0 mmHg placebo-adjusted decline (p < 0.0001); 17.5 mmHg SBP reduction at the 1 mg dose, or 8.1 mmHg placebo-adjusted decline (p = 0.0030); 12.1 mmHg SBP reduction at the 0.5 mg dose, or 2.7 mmHg placebo-adjusted decline (p = 0.3110). Secondary endpoint results included baxdrostat significantly lowering diastolic blood pressure (DBP) by 5.2 mmHg in the 2mg dose, and approximately 46% of patients in the 2 mg dose arm achieving blood pressure control (SBP less than 130mmHg); The BrigHtn trial completed enrollment with 275 patients after an Independent Data Review Committee determined that the trial had met pre-specified statistical criteria of overwhelming efficacy at the higher dose in this dose-ranging trial. Key clinical safety and tolerability findings of baxdrostat support a safe and well-tolerated profile: No drug related serious adverse events (SAEs) observed or major safety concerns were reported across all three dose cohorts tested after 12 weeks of treatment; Treatment-Emergent SAEs (TESAEs) were reported in 10 patients and deemed by investigators to be unrelated to baxdrostat. These TESAEs included hyponatremia, hyperkalemia, cellulitis, urinary tract infection, dehydration, hyperglycemia, arthralgia, dizziness, syncope, acute kidney injury, nephrolithiasis, acute respiratory failure, and respiratory failure, with one patient in the 2mg dose cohort experiencing six of these SAEs; One subject experienced an isolated instance of elevated potassium above 6mEq/L, which was deemed drug related, although upon retesting, the potassium level for this patient dropped sufficiently to allow resumption of baxdrostat, and the patient completed the trial with normal potassium levels. Overall, observed hyperkalemia rates in the trial were low, and resulted in no clinical safety concerns; Low discontinuation rate of less than 1% (2 patients) due to treatment-related adverse events, which included hyperkalemia and hypotension. Announcement • Jul 27
CinCor Pharma, Inc. Announces Last Patient Randomized in Phase 2 HALO Trial and Initiation of Long-Term Extension Study for Baxdrostat CinCor Pharma, Inc. announced that the last patient has been randomized in the Phase 2 HALO trial of baxdrostat (CIN-107), a highly selective aldosterone synthase inhibitor, in patients with uncontrolled hypertension. CinCor also announced initiation of an open-label extension study of patients enrolled in HALO with uncontrolled hypertension to evaluate the long-term safety of baxdrostat for up to 52-weeks. The HALO trial is an ongoing Phase 2 randomized, double-blind, placebo-controlled, multicenter, parallel-group, clinical trial designed to assess the safety and efficacy of baxdrostat in subjects taking up to two antihypertensive agents at their maximally tolerated dosages. The HALO trial completed enrollment with 249 patients randomized. The primary endpoint of the trial is the change in systolic blood pressure (SBP) after eight weeks of treatment. Background antihypertensive therapy will be discontinued after eight weeks and patients will only take baxdrostat for four additional weeks to characterize monotherapy responses and to enable long-term safety assessments of the drug in the open label extension study that follows the HALO trial. Topline data from the HALO trial is expected in the second half of 2022, and the open-label extension trial is expected to be completed in the second half of 2023. Announcement • Jun 02
CinCor Pharma, Inc Doses First Patient in Phase 2 FigHTN-CKD Trial Evaluating the Selective Aldosterone Synthase Inhibitor Baxdrostat (CIN-107) in Patients with Uncontrolled Hypertension and Chronic Kidney Disease CinCor Pharma, Inc. announced that the first patient has been dosed in the Phase 2 figHTN-CKD trial evaluating baxdrostat (CIN-107), a highly selective aldosterone synthase inhibitor, in patients with uncontrolled hypertension and chronic kidney disease (CKD). The figHTN-CKD trial is a randomized, double-blind, placebo-controlled, multicenter, parallel-group, Phase 2 clinical trial designed to assess the safety and efficacy of baxdrostat (CIN-107) in patients with uncontrolled hypertension and CKD. The trial is designed to enroll 300 patients with a glomerular filtration rate (GFR) of 25-75 ml/min and systolic blood pressure (SBP) greater than 140 mm Hg, or greater than 130 mm Hg if the patient is diabetic. The primary endpoint is the change in SBP after 26 weeks of treatment compared to placebo. Biomarkers of kidney function will also be measured to assess whether aldosterone inhibition by baxdrostat can benefit kidney function beyond the anticipated impact resulting from improved blood pressure control. Initial data for figHTN-CKD is anticipated in the second half of 2023. CKD is a condition characterized by gradual loss of renal function over time that is measured by GFR, or how much blood the kidneys filter each minute. CKD afflicts at least 15% of the U.S. adult population, or approximately 37 million people. Hypertension, diabetes and glomerulonephritis, or inflammation of the tiny filters in the kidneys, are considered leading factors contributing to the development and progression of CKD. While currently there is no cure for CKD, new therapies that can significantly reduce the progression of renal disease and delay the onset of renal failure will be critical to improving the care of CKD patients. Board Change • Apr 27
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. Independent Director David Allison is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Recent Insider Transactions • Jan 14
CEO & Director recently bought US$200k worth of stock On the 11th of January, Marc M. de Garidel bought around 13k shares on-market at roughly US$16.00 per share. This was the largest purchase by an insider in the last 3 months. This was Marc M.'s only on-market trade for the last 12 months. Announcement • Jan 08
CinCor Pharma, Inc. has completed an IPO in the amount of $193.6 million. CinCor Pharma, Inc. has completed an IPO in the amount of $193.6 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 12,100,000
Price\Range: $16
Discount Per Security: $1.12
Transaction Features: Reserved Share Offering; Sponsor Backed Offering Board Change • Jan 07
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. Independent Director David Allison is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.