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Co. Focused on Pipeline of Drug Candidates
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The Quick Take

  • Research Capital has a Speculative Buy rating and a CA$25 per share target price on Algernon Pharmaceuticals.
  • Research Capital ranks Algernon Buy on news it filed its Q1 FY22 financial statements, reported analyst Andre Uddin a Jan. 28 research note.
  • Algernon reported a Q1 FY22 net loss of $1.2 million ($1.2M), lower than both Research Capital's estimated $1.4M and Q1 FY21's $3.4M.
  • At quarter's end, Nov. 30, 2021, Algernon had $2.8M in cash and no debt.
  • Algernon's current valuation is favorable in terms of risk-reward.
  • An important catalyst expected in Q2/22 is results of the Phase 2a trial in idiopathic pulmonary fibrosis and chronic cough underway in Australia.

Algernon Pharmaceuticals Inc. (AGN:CSE; AGNPF:OTCQB; AGW:FSE) is "back on track and focused on its pipeline," Research Capital Corp. analyst Andre Uddin noted.

In addition to idiopathic pulmonary fibrosis, the drug repurposing firm is advancing Ifenprodil in refractory chronic cough and recurrent small cell carcinoma, aiming to commence a clinical trial in each of the two latter indications in 2022.

"We view refractory chronic cough as Algernon's priority indication down the road and believe investors should keep a close eye on it," Uddin wrote.

Regarding its clinical program using N,N-dimethyltryptamine (DMT) in stroke, the biopharma filed a clinical trial application in the United Kingdom to conduct a Phase 1 study.


1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Algernon Pharmaceuticals Inc. Click here for important disclosures about sponsor fees. 
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
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Disclosures for Research Capital Corporation, Algernon Pharmaceuticals Inc., Jan. 28, 2022

Relevant disclosures required under IIROC Rule 3400 applicable to companies under coverage discussed in this research report are available on our web site at

This Issuer has generated investment banking revenue for MRCC.

ANALYST CERTIFICATION:  I, Andre Uddin and Yue Ma, certify the views expressed in this report were formed by my review of relevant company data and industry investigation, and accurately reflect my opinion about the investment merits of the securities mentioned in the report. I also certify that my compensation is not related to specific recommendations or views expressed in this report.

Research Capital Corporation publishes research and investment recommendations for the use of its clients. Information regarding our categories of recommendations, quarterly summaries of the percentage of our recommendations which fall into each category and our policies regarding the release of our research reports is available at or may be requested by contacting the analyst.

Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.

Information about Research Capital Corporation’s Rating System, the distribution of our research to clients and the percentage of recommendations which are in each of our rating categories is available on our website at

The information contained in this report has been drawn from sources believed to be reliable but its accuracy or completeness is not guaranteed, nor in providing it does Research Capital Corporation assume any responsibility or liability. Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein. Contents of this report cannot be reproduced in whole or in part without the express permission of Research Capital Corporation. US Institutional Clients – Research Capital USA Inc., a wholly owned subsidiary of Research Capital Corporation, accepts responsibility for the contents of this report subject to the terms and limitations set out above. US firms or institutions receiving this report should effect transactions in securities discussed in the report through Research Capital USA Inc., a Broker – Dealer registered with the Financial Industry Regulatory Authority (FINRA).

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