Anavex Life Sciences Corp. (NASDAQ:AVXL) investors have a smile on their faces Tuesday, after the drug maker announced a positive 41-week update from its Phase 2a study in mild-to-moderate Alzheimer’s disease (AD) patients for ANAVEX 2-73, which targets cellular homeostasis.
“We are encouraged, however, we should be reminded that these endpoints are exploratory and need to be confirmed in a larger study, for which planning is underway,” said Christopher U. Missling, PhD, President and Chief Executive Officer of Anavex. “This data provides valuable safety, tolerability and behavioral information for ANAVEX 2-73, which might allow us to also target shorter-term endpoints including behavioral and psychological symptoms.”
At 41 weeks, Alzheimer’s patients taking a daily oral dose of ANAVEX 2-73 in the exploratory, not yet dose optimized Phase 2a clinical trial, showed a stabilization of cognitive and functional measures. This data of stabilization is promising since Alzheimer’s disease is a progressive disease where current therapeutics are only able to temporarily slow the worsening of dementia symptoms and not stop the disease from progressing.
At 41 weeks, oral daily dosing between 10mg and 50mg, ANAVEX 2-73 was well tolerated, and no patients discontinued treatment due to adverse events. There were no clinically significant treatment-related adverse events, and no serious adverse events. (Original Source)
On the ratings front, AVXL stock has been the subject of a number of recent research reports. In a report issued on October 7, Maxim analyst Jason Kolbert maintained a Buy rating on AVXL, with a price target of $15, which implies an upside of 281% from current levels. Separately, on September 29, FBR’s Christopher James reiterated a Buy rating on the stock and has a price target of $10.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Christopher James have a yearly average loss of 14.2% and 7.0% respectively. Kolbert has a success rate of 29% and is ranked #4145 out of 4235 analysts, while James has a success rate of 36% and is ranked #4026.
Anavex Life Sciences Corp. is a biopharmaceutical company. It is engaged in the discovery and development of new drugs for the treatment of neurological diseases and cancer, utilizing its proprietary drug discovery sigmaceptor platform. The company’s portfolio comprises novel, wholly owned sigma receptor agonists and antagonists.