Anavex Life Sciences Corp. (NASDAQ:AVXL) confirms the information in the July 27, 2016 press release announcing positive results from the Phase 2a Alzheimer’s trial for ANAVEX 2-73.
Dr. Norman Relkin, MD, PhD, an Alzheimer clinical trialist and an advisor to Anavex, commented: “To interpret the ANAVEX 2-73 results presented at the 2016 AAIC meeting, it is important to keep in mind the stated goals of this first in Alzheimer’s patients study. This was a Phase 2a study, primarily designed to determine which ANAVEX 2-73 dosages are safe to administer to mild to moderate stage Alzheimer’s patients. The study was successful in establishing the maximum tolerated dose and in revealing the range of ANAVEX 2-73 doses that are well-tolerated by Alzheimer patients. It also provided encouraging evidence that previously reported positive trends in certain cognitive and biologic measures persisted over a period of approximately 31 weeks. However, this analysis was based on pooled data from a relatively small number of subjects receiving a variety of doses. It is therefore unlikely that these findings reflect the full potential ANAVEX 2-73 in treating Alzheimer’s disease. It is unreasonable to draw conclusions about any limits to the long-term efficacy of ANAVEX 2-73 based on the interim Phase 2a findings, especially since no statistically significant decline from baseline was reported, which is impressive. Detailed pre-planned analysis of the pharmacodynamic results is in progress, which is one of the key factors of relevance for regulatory agencies and which will also determine the optimal dose for future studies.”
Anavex confirms that there has been no change with regards to its science, data or the fundamentals of the Company. Anavex remains dedicated to advancing ANAVEX 2-73 and will be reporting new data to investors as it becomes available.
Anavex confirms the data included in its news release dated July 27, 2016. (Original Source)
Shares of Anavex Life jumped 10% to $3.86 in early trading Friday. AVXL has a 1-year high of $14.84 and a 1-year low of $3.16. The stock’s 50-day moving average is $5.68 and its 200-day moving average is $4.88.
On the ratings front, Anavex has been the subject of a number of recent research reports. In a report issued on July 27, Maxim Group analyst Jason Kolbert reiterated a Buy rating on AVXL, with a price target of $15, which implies an upside of 327.4% from current levels. Separately, on July 25, FBR’s Christopher James reiterated a Buy rating on the stock and has a price target of $10.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Christopher James have a total average return of -16.5% and -15.4% respectively. Kolbert has a success rate of 28.9% and is ranked #4009 out of 4010 analysts, while James has a success rate of 38.2% and is ranked #3972.
Anavex Life Sciences Corp. is a biopharmaceutical company. It is engaged in the discovery and development of new drugs for the treatment of neurological diseases and cancer, utilizing its proprietary drug discovery sigmaceptor platform. The company’s portfolio comprises novel, wholly owned sigma receptor agonists and antagonists.