Baird Sees Minimal Read Through for Axovant (AXON) on Lilly's Sola Failure
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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."
Shares of Axovant Sciences closed at $13.45 yesterday.
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