Stock Update (NASDAQ:AVXL): Here’s Why Anavex Life Sciences Corp. Shares Jumped 40%
Anavex Life Sciences Corp. (NASDAQ:AVXL) investors are cheering the news that the company has signed a material transfer agreement with Biogen (Cambridge, MA) under which Biogen will test Anavex’s lead drug candidate, ANAVEX 2-73 in an oligodendrocyte precursor cell (OPC) differentiation assay. A satisfactory result from the OPC assay study may lead to an in vivo remyelination study using a chemical demyelination model.
Anavex shares reacted to the news, jumping nearly 40% in early trading Wednesday.
“Battling demyelinating diseases such as multiple sclerosis requires an understanding of the processes that cause remyelination to fail. Remyelination of demyelinated axons is typically a function of oligodendrocyte precursor cells. These studies will examine the therapeutic role ANAVEX 2-73 may play in permitting remyelination in the brain,” said Christopher U. Missling, PhD, President and Chief Executive Officer of Anavex. (Original Source)
On the ratings front, AVXL stock has been the subject of a number of recent research reports. In a report issued on September 22, FBR analyst Christopher James reiterated a Buy rating on AVXL. Separately, on July 27, Maxim’s Jason Kolbert reiterated a Buy rating on the stock and has a price target of $15.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Christopher James and Jason Kolbert have a total average return of -8.7% and -15.9% respectively. James has a success rate of 43% and is ranked #3985 out of 4185 analysts, while Kolbert has a success rate of 28.5% and is ranked #4074.
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.