Axovant Sciences Receives a Hold from Oppenheimer


Oppenheimer analyst Jay Olson maintained a Hold rating on Axovant Sciences (NYSE: AXON) on June 12. The company’s shares closed yesterday at $4.08, close to its 52-week low of $1.02.

Olson noted:

“AXON released quarterly financial results following last week’s business update that provides a new asset: AXO-Lenti-PD. AXO-Lenti-PD is an experimental gene therapy that builds on the earlier success of ProSavin which demonstrated nominal efficacy with long-term safety in an ongoing 15-patient Ph2 study. AXO-Lenti-PD is a next-generation lentiviral vector that improves upon the efficacy of ProSavin while overcoming some of the barriers including dosing constraints imposed by the volume of administration. We look forward to additional business development, which we expect by year-end, and meanwhile maintain our Perform rating. AXON ended in cash.”

According to TipRanks.com, Olson is a 3-star analyst with an average return of 3.4% and a 48.4% 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 Moderate Buy and the average price target is $6.67, representing a 63.5% upside.

In a report issued on June 6, Chardan Capital also upgraded the stock to Hold with a $4 price target.

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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 $52.83 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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