Baird Defends Axovant Sciences (AXON) After Lundbeck; No Change to Outlook

September 22, 2016 1:35 PM EDT
Get Alerts AXON Hot Sheet
Price: $12.50 +0.32%

Rating Summary:
    9 Buy, 0 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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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

For an analyst ratings summary and ratings history on Axovant Sciences click here. For more ratings news on Axovant Sciences click here.

Shares of Axovant Sciences closed at $17.30 yesterday.

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