AveXis (AVXS): 3 Catalysts, Raising PT To $135 - Chardan

Chardan Capital Markets analyst, Gbola Amusa, reiterated his Buy rating on shares of AveXis (NASDAQ: AVXS) and raised his price target to $135 from $102.50 after the company reported
2Q17 EPS of -$2.07, which was $1.10 below consensus expectations, driven by a pickup in R&D expenses related to manufacturing, the conclusion of the phase I AVXS-101 trial, licensing fees, and non-cash stock based compensation.

The analyst noted 3 key upcoming milestones:

1) AveXis plans to submit the implementation of its potency assay qualification plan which utilized the delta 7 mouse model in August to the FDA, and then request and end-of-phase-I meeting

2) AveXis will initiate a phase III trial for AAV-based gene therapy (GT), AVXS-101, for spinal muscular atrophy (SMA) type 1 and a phase I/IIa trial for SMA type 2 in late-3Q17

3) the company will provide minutes from the end-of-phase-I meeting in 4Q17, with an update on the potential to file in spinal muscular atrophy type 1 based on the completed phase I trial

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

Shares of AveXis closed at $91.66 yesterday.

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