Baird Defends Axovant Sciences (AXON) After Lundbeck; No Change to Outlook
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Baird analyst Brian Skorney came out to defend Axovant Sciences (NYSE: AXON), which is getting slammed on rival Lundbeck top-line results.
Skorney commented, "Lundbeck reported failure of Phase 3 STARSHINE trial of idolapirdine, a 5-HT6 antagonist, sending shockwaves through Axovant's stock. However, we think the reaction was unwarranted, as there are some key differences on study powering and dosing that differentiate inteperdine and idalopirdine. We think that a potential trend on the primary endpoint is consistent with our view that idalopirdine is underdosed and underpowered and inteperdine will succeed where this competitor failed."
The analyst maintained an Outperform rating price target of $29.00
Shares of Axovant Sciences closed at $17.30 yesterday.
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