In a report released today, Jotin Marango from Roth Capital maintained a Buy rating on Anavex Life Sciences (AVXL), with a price target of $10. The company’s shares opened today at $3.
Marango commented:
“We are encouraged by recent progress in enrollment of current studies (AD, and simultaneous expansion into new studies (Rett Australia). The new AVATAR study in the Land of Down Under. Yesterday, management announced initiation of an additional double-blind Phase 2 Rett study of ANAVEX 2-73, approved by the Australian regulatory authorities and now enrolling patients. As a reminder, Anavex is already running a randomized, multi-dose, placebo-controlled multi-center Phase 2 Rett study in the US. In terms of patient age, study timeline, and genetic biomarker analysis- AVATAR is analogous to the US Rett study. Of note, some differences include: (i) AVATAR is expected to enroll 30 subjects (US n=15), and (ii) while US primary endpoints are safety and tolerability, AVATAR has efficacy measures embedded in addition to safety evaluations.”
According to TipRanks.com, Marango is a 1-star analyst with an average return of -3.9% and a 40.9% success rate. Marango covers the Healthcare sector, focusing on stocks such as KalVista Pharmaceuticals Inc, Syros Pharmaceuticals, and Aimmune Therapeutics.
Currently, the analyst consensus on Anavex Life Sciences is a Moderate Buy with an average price target of $10.
See today’s analyst top recommended stocks >>
The company has a one-year high of $4.35 and a one-year low of $1.25. Currently, Anavex Life Sciences has an average volume of 363.9K.
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.
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.
