FBR Weighs In on Anavex Life Sciences Corp. (AVXL) Following AAIC Conference
This weekend at the Alzheimer’s Association International Conference (AAIC), Anavex Life Sciences Corp. (NASDAQ:AVXL) presented the opening data for its Phase 2a Study on Anavex 2-73- an orally available pipeline drug developed to modify the core Alzheimer’s disease rather than just temporarily treating the symptoms of the disease. Following the data results presented at this conference, FBR analyst Christopher James reiterates a Buy rating with a $10 price target.
Currently, signs point in favor of AVXL after results from the 31-week safety data showcase that Anavex 2-73 proceeds to be a well-tolerated treatment for Alzheimer’s. Of the adverse events patients encountered, 96% were mild or moderate at most in nature, with 83% of cases resolved or recovered by the end of the trial. Meanwhile, 16 patient cases report events of “therapeutic response unexpected,” from improvements in interactions with friends and family, mood, and even coordination. James feels optimistic for the future of Anavex 2-73, commenting, “We continue to be encouraged by the positive safety data generated at 31 weeks and remain focused on additional efficacy data with Anavex 2-73.”
The second half of efficacy data still is forthcoming and will be reported at the AAIC conference. James favorably anticipates the data, elaborating, “We are interested to see additional data further characterizing the potential cognitive benefit associated with administration of Anavex 2-73.” So far, the Alzheimer’s therapy has shown a statistically significant dose response in the low-high dose alterations. With safety and tolerability profiles holding strong, James feels bullish as he looks to see how the conference unfolds, which in the analyst’s opinion, will be likely to indicate positive reflections of the potential commercial and clinical future of Anavex 2-73.
As usual, we recommend taking analyst notes with a grain of salt. They are often successful in moving the stock price, but you always need to take things into perspective. According to TipRanks, Christopher James has a 36% success rate, averaging a loss of 15% per every recommendation he makes.
TipRanks analytics exhibit AVXL as a Moderate Buy. Two analysts have offered recommendations for Anavex Life Sciences Corp in the last 3 months, but of those, both rate a Buy. The average price target is $15.00, marking a 101% upside from where the stock is currently trading.