Axovant Sciences Receives a Hold from Oppenheimer


In a report released today, Jay Olson from Oppenheimer maintained a Hold rating on Axovant Sciences (NYSE: AXON). The company’s shares opened today at $2.64, close to its 52-week low of $1.02.

Olson noted:

“AXON acquired global rights to an innovative gene therapy for a rare muscular disorder and five other investigational products for neurological diseases, further solidifying the company’s transition from small molecule therapeutics to gene therapy. AXO-AAV-OPMD provides a unique silence-and-replace approach to correct the underlying genetic defect causing oculopharyngeal muscular dystrophy (OPMD) by delivering a combination of DNA-directed RNA interference (silencing the mutant gene) along with a functional copy (replacement gene) for long-term restoration of normal gene function. AXON agreed to pay Benitec $10M upfront with additional event-driven milestones and 30% of net profits on sales of AXO-AAV-OPMD plus tiered royalties on any other collaboration products. We view this deal as highly complementary to AXON’s previous gene therapy deal.”

According to TipRanks.com, Olson is a 3-star analyst with an average return of 4.3% and a 54.4% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Eiger Biopharmaceuticals, and Conatus Pharmaceuticals.

Currently, the analyst consensus on Axovant Sciences is a Hold with an average price target of $7, which is a 165.2% upside from current levels. In a report issued on June 28, Chardan Capital also maintained a Hold rating on the stock.

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Based on Axovant Sciences’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $25.32 million. In comparison, last year the company had a GAAP net loss of $69.27 million.

Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AXON in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Axovant Sciences Ltd. is a clinical-stage biopharmaceutical company, which engages in the acquisition, development, and commercialization of novel therapeutics in the fields of neurology and psychiatry. Its therapeutic focus are Parkinson’s Disease and Lewy Body Dementia.

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