May 27, 2021 (Investorideas.com Newswire) Second-quarter clinical events related to Anavex Life Sciences’ pipeline are summarized in a Dawson James Securities report.
In a May 19 research note, Dawson James Securities analyst Jason Kolbert provided an update on Anavex Life Sciences Corp.’s (AVXL:NASDAQ) lead drug candidate, Anavex2-73, with respect to two indications.
The biopharma is currently evaluating Anavex2-73, or blarcamesine, in three Rett syndrome trials. It is assessing the drug in adults in the randomized, double-blind, placebo-controlled AVATAR Anavex2-73-RS-002 trial and in the Anavex2-73-RS-EP-001 open-label extension study in the U.S. It also is evaluating the drug in pediatric patients in the randomized, double-blind, placebo-controlled EXCELLENCE Anavex2-73-RS-003 trial.
The latest positive news, Kolbert relayed, is that the Data and Safety Monitoring Board reviewed the interim safety data from all three studies and recommended that the biopharma proceed with each trial as is, without changes.
As for Anavex2-73 being studied in patients with Alzheimer’s disease, indicated Kolbert, the biopharma has nearly finished enrollment for the planned Phase 2b/3 trial.
In his report, Kolbert included a recent quote from Anavex CEO Chris Missling and wrote that he concurs with the statement. Missling had said, “Positive momentum continues to build this quarter [Q2/21] and affirms the strength of our pipeline and execution capabilities.”
Kolbert also highlighted that Anavex currently has $76 million in cash on its balance sheet. Also, he noted the imminent catalysts, expected during this second quarter, for the biopharma. They are topline data from AVATAR and from the Phase 1 ANAVEX3-71 clinical trial in frontotemporal dementia.
With the clinical progress the company has already made in Q2/21 and the positive stock-moving events slated for Q2/21, the second quarter should be a “rich” one for Anavex, according to Kolbert.
Dawson James has a Buy rating and a $17 per share price target on Anavex; the stock is now trading at about $11.47 per share.
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Disclosures for Dawson James Securities, Anavex Life Sciences Corp., May 19, 2021
The Firm does not make a market in the securities of the subject company(s). The Firm has NOT engaged in investment banking relationships with AVXL in the prior twelve months, as a manager or co-manager of a public offering and has NOT received compensation resulting from those relationships. The Firm may seek compensation for investment banking services in the future from the subject company(s). The Firm has NOT received any other compensation from the subject company(s) in the last 12 months for services unrelated to managing or co-managing of a public offering.
Neither the research analyst(s) whose name appears on this report nor any member of his (their) household is an officer, director or advisory board member of these companies. The Firm and/or its directors and employees may own securities of the company(s) in this report and may increase or decrease holdings in the future. As of April 30 2021, the Firm as a whole did not beneficially own 1% or more of any class of common equity securities of the subject company(s) of this report. The Firm, its officers, directors, analysts or employees may affect transactions in and have long or short positions in the securities (or options or warrants related to those securities) of the company(s) subject to this report. The Firm may affect transactions as principal or agent in those securities.
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