Power, you are absolutely correct. Cerevel (CERE) is a pre revenue company in the neurosciences sector. If you look at their pipeline, it is no more advanced than Anavex' (in fact less so), is not currently targeting any indication as large as (full) Alzheimer's, and has not commenced a drug application process as has AVXL with the EMA. Nonetheless, AbbVie is paying $8.7 billion for the company. At that price tag AVXL would be over $100 per share.
Cerevel has been humped and pumped by Goldman and Morgan Stanley. Anavex, while having taken a less dilutive path to financing, labors in relative obscurity without significant Street coverage. I firmly believe that this valuation issue will be redressed in the coming months, as the review of the AD 2b/3 trial is published, the TLD from the EXCELLENCE (Rett) trial is released, and the Phase 3 Parkinson's trial commences.