Maxim ups Anavex Life Sciences PT to $7

Target-638790074.jpg

Maxim Group raised its price target for Anavex Life Sciences (NASDAQ:AVXL) to $7 from $5, after factoring in Anavex 2-73 for additional indications: Rett syndrome and Parkinson’s disease, beyond Alzheimer’s disease. The stock closed at $2.30 on May 15.

“For investors, the expanded 2-73 programs should provide additional catalysts for the stock,” writes analyst Caroline Palomeque, who assumed coverage for the stock.

She said the following trials of Anavex 2-73, its oral sigma-1-receptor agonist, will begin in the second half of 2018: a Phase 2/3 trial in Alzheimer’s disease; a Phase 2 trial in Rett syndrome; and a Phase 2 trial in Parkinson’s disease dementia.

“As the trials progress, the pipeline will become late stage, as NDA filings may be possible for Rett and AD on positive data,” she added. “We estimate data will begin to read out by 2019.”

Stephen Kilmer