Maxim Reiterates Buy on Anavex Life Sciences Corp. (AVXL) Following Positive Clinical Update
In a research report released Monday, Maxim analyst Jason Kolbert reiterated a Buy rating on shares of Anavex Life Sciences Corp. (NASDAQ:AVXL), with a price target of $15, after the biotech company reported that a positive dose-response relationship has been observed in a pre-planned interim analysis of data from the ongoing Phase 2a trial of Anavex 2-73 for treatment of mild to moderate Alzheimer’s disease. The analyst believes that signs of a “signal” is quite positive, in a dose response study.
Kolbert said, “The phase IIa data continues to show signs of early efficacy in Alzheimer’s disease. Data from the first 32 patients with mild to moderate Alzheimer’s disease receiving 2-73 in in the ongoing Phase IIa trial showed that improvement across multiple metrics from Cogstate battery, Mini Mental State Examination (MMSE), eventrelated potentials (EEG/ERP), and P300 tests, all which consistently demonstrated improvements from baseline in the completed Part A portion of the study.”
“Among 32 patients treated with doses of ANAVEX 2-73 ranging from 3Mg to 50Mg/day, the MMSE-Δ data showed a positive slope with confidence intervals not including the zero-value, consistent with a dose dependent improvement in MMSE scores over 5 weeks,” the analyst added.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Kolbert has a yearly average return of -19.3% and a 25.1% success rate. Kolbert has a -25% average return when recommending AVXL, and is ranked #3608 out of 3610 analysts.