In a report released today, Caroline Palomeque from Maxim Group maintained a Buy rating on Anavex Life Sciences (NASDAQ: AVXL), with a price target of $7. The company’s shares closed yesterday at $2.47.
Palomeque observed:
“Anavex announced that the FDA has approved its Investigational New Drug application (IND) for Anavex 2-73, its Sigma-1R agonist, in Rett syndrome Anavex 2-73 has Orphan drug status in Rett and will now conduct two Phase 2 trials in this indication, the first of which is planned for 4Q18. Genomic biomarker data will be incorporated into the trial to enrich for patients more likely to respond to 2-73. This approach is also being used in the ongoing P2b/3 study in Alzheimer’s Disease. Conclusion: We view this news as a positive for Anavex and further demonstration of the potential of 2-73 in a range of CNS diseases. Next event is initiating the Rett P2, data 2019.”
According to TipRanks.com, Palomeque ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -5.1% and a 38.7% success rate. Palomeque covers the Healthcare sector, focusing on stocks such as Soleno Therapeutics Inc, VistaGen Therapeutics, and Daré Bioscience Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Anavex Life Sciences with a $8.50 average price target.
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Based on Anavex Life Sciences’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $2.85 million. In comparison, last year the company had a GAAP net loss of $5.15 million.
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Anavex Life Sciences Corp. is a clinical stage biopharmaceutical company, which engages in the development of differentiated therapeutics for the treatment of neurodegenerative and neurodevelopmental diseases. Its lead compound, ANAVEX2-73, is being developed to treat Alzheimer’s and Parkinson’s disease and central nervous system diseases, including Rett syndrome. The company was founded by Harvey Lalach and Athanasios Skarpelos on January 23, 2004 and is headquartered in New York, NY.
