Baird Sees Minimal Read Through for Axovant (AXON) on Lilly's Sola Failure

November 23, 2016 12:26 PM EST
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Baird analyst Brian Skorney came out to defend Axovant Sciences (NYSE: AXON), which was weaker on Lilly's solanezumab failure. The analyst sees no change for AXON and maintained an Outperform rating and price target of $29.

Skorney commented, "The Alzheimer's field was dealt a major blow today as Lilly announced that the Phase 3 EXPEDITION 3 trial in early Alzhiemer's disease failed. Despite the disappointment for the Alzhiemer's community, we think there is minimal readthrough to AXON. Sure, this is yet another reminder that Alzheimer's is a difficult disease, but intepirdine's mechanism and hypothesized benefits are entirely different from solanezumab's."

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 $13.45 yesterday.



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