Biogen Agreement Further Validates Anavex Life Sciences (AVXL) AV2-73 - FBR
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
FBR Capital analyst Christopher James weighed in on Anavex Life Sciences (NASDAQ: AVXL) after the company announced that it has signed a material transfer agreement with Biogen under which Biogen will test AV2-73 in a validated preclinical CNS assay. As a reminder, AV2-73 is a sigma-1 receptor antagonist with potential to promote recovery of motor function and reactivation of neuroplasticity in patients suffering from neurocognitive diseases.
James commented, "We believe these early studies could lead to its advancement into other neurodegenerative and demyelination diseases such as Parkinson's disease and multiple sclerosis. We view this agreement with BIIB as additional validation for AV2-73's potential in multiple CNS-related disorders, but remain focused on the development plan for the Phase II study with AV2-73 in Rett syndrome, an orphan disease with no approved therapies."
The firm maintained an Outperform rating and price target of $10.00
Shares of Anavex Life Sciences closed at $3.14 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- FDA Advises Patients With St. Jude Medical (STJ) Heart Implants to Continue Using Devices - Reuters
- Twitter's (TWTR) 'Underweight' Rating Reiterated at Morgan Stanley
- 3M Co. (MMM) October weekly volatility increases to 33 into Q3 and outlook
Create E-mail Alert Related CategoriesAnalyst Comments, FDA, Momentum Movers, Trader Talk
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!