Neurochem Inc. is heading for an ugly opening on Monday after the drug developer confirmed that its highly touted Alzhemed drug did not reach significance in a pivotal study to treat North American patients with Alzheimer's disease. The disappointing "top-line" outcome for Alzhemed followed earlier approvals by the FDA to adjust the study's statistical model in favour of the drug, which is still under going a pivotal study in Europe. "In our view, the entire program remains in question," UBS analyst Annabel Samimy writes, as she reiterated a "sell" rating and price target of $4.50 (U.S.). Neurochem finished Friday's Nasdaq session at $5.56.