Anavex Life Sciences
Anavex Life Sciences develops products based on the Sigma-1 receptor (S1R), which is found in many tissues, with high concentration in the nervous system.
For Ladenburg Thalmann analyst Robert LeBoyer, the stock remains an exciting play post-Q1 earnings. To this end, he reiterated a Buy rating and $20 price target.
Along with its quarterly figures, the company provided an update on its pipeline, with its Rett syndrome programs making both clinical and regulatory progress. Anavex got the go ahead from the FDA to extend patient treatment for an additional 24 weeks after the 12-week study evaluating lead asset AVAVEX 2-73 (the Phase 2 U.S. Trial) is completed, for a total of 36 weeks treatment. According to LeBoyer, the extra treatment should provide long-term safety and efficacy data.
“AVAVEX 2-73 has shown 3 years of stability for the active drug compound and in oral solution for administration,” LeBoyer explained.
It should be noted that the company is planning to file an application with accelerated approval and orphan drug designation for the Rett syndrome indication.
Additionally, the Phase 2b/3 trial evaluating the candidate in Alzheimer’s is set to meet the 1H2021 enrollment timeline. The company has also received a nearly $1 million grant from the Michael J. Fox Foundation for Parkinson’s Research, which will be used for “PET imaging studies of ANAVEX 2-73 interaction with the Sigma1 receptor and the disease pathways it activates.”
As evidence of his impressive track record, LeBoyer boasts an 80.6% average return per rating and 61% success rate. https://www.cnbc.com/2021/02/21/top-analysts-say-buy-stocks-like-shopify-and-godaddy.html?fbclid=IwAR2pKxXCtAozGp5IF7S84sSz2bkiA4cD7-efDp-CPwknLLUzyCTc48EsKpk