Anavex Life Sciences (AVXL) PT Raised to $80 at Jones Trading

(Updated - December 2, 2022 8:13 AM EST)

Jones Trading analyst Soumit Roy raised the price target on Anavex Life Sciences (NASDAQ: AVXL) to $80.00 (from $40.00) while maintaining a Buy rating.

The analyst comments "Management on our call reiterated that the study met the primary and secondary endpoints. Management reconfirmed that the 45% reduction in ADAS-Cog is accurate and simplification of statistical calculations circulating on social media is inaccurate. The change in the baseline ADAS-Cog between baseline characteristics slide and ADAS-Cog data slide is due to few patients that dropped off. We believe there will be many questions around absolute ADL score and mean change, comparison with baseline characteristics with Eisai/Biogen's trial, whether there is any biomarker driven approach needed—but (1) there is a clear win shown by ADAS-Cog (45% reduction vs 27% with Eisai's drug), (2) CDR-SB 27% reduction, matching Eisai's data at an early time point (11 months vs Eisai's 18-months), and (3) markedly better safety with Anavex's oral drug vs Eisai/Biogen's antibody causing brain edema, infusion reactions, need for MRI scans etc, etc. As the market digests the data, we believe Anavex will come out as a clear M&A target. We probably need few more details and clarity on few aspects of the data."

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