FBR Reiterates Outperfom on Anavex Life Sciences Corp. (AVXL) Following Agreement with Biogen
In a research report released Thursday, FBR Capital analyst Christopher James reiterated an Outperform rating on shares of Anavex Life Sciences Corp. (NASDAQ:AVXL), with a $10 price target, after the biopharmaceutical company announced that Biogen Inc (NASDAQ:BIIB) will test its lead drug candidate, ANAVEX 2-73, in a preclinical assay.
James noted, “We believe these early studies could lead to its advancement into other neurodegenerative and demyelination diseases such as Parkinson’s disease and multiple sclerosis. We view this agreement with BIIB as additional validation for AV2-73’s potential in multiple CNS-related disorders, but remain focused on the development plan for the Phase II study with AV2-73 in Rett syndrome, an orphan disease with no approved therapies.”
As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Christopher James has a yearly average return of -7.5% and a 45% success rate. James has a -23.2% average return when recommending AVXL, and is ranked #3947 out of 4181 analysts.
In addition, Maxim analyst Jason Kolbert rates AVXL a Buy with a $15 price target.