AveXis, Inc. (NASDAQ:AVXS)‘s stock had its “buy” rating reaffirmed by investment analysts at Chardan Capital in a research note issued to investors on Thursday, November 2nd.
The analysts wrote, “We also encourage investors consider the high proportion of Spinraza events/deaths (see Figure 2) that occurred within 6 months after treatment was started, causing investigators to say this result indicates that a minimum treatment time is required to see the full benefits of [Spinraza]”, consistent with our thesis that Spinraza has an important limitation in that it takes considerably longer than AVXS-101 to achieve levels necessary for efficacy. As with other medical emergencies (e.g. MI, stroke), we expect that in SMA 1, the therapeutic agent that dominates the market is likely to be the one that provides efficacy within a reasonable time frame.””
AVXS has been the topic of a number of other reports. Canaccord Genuity began coverage on AveXis in a research note on Thursday, October 26th. They issued a “hold” rating and a $110.00 price objective on the stock. Zacks Investment Research cut AveXis from a “buy” rating to a “hold” rating in a research note on Monday, October 30th. Sanford C. Bernstein began coverage on AveXis in a research note on Thursday, July 27th. They issued an “outperform” rating and a $108.00 price objective on the stock. Citigroup Inc. boosted their price objective on AveXis from $100.00 to $116.00 and gave the company a “buy” rating in a research note on Monday, October 2nd. Finally, UBS AG restated a “buy” rating and issued a $122.00 price objective (up from $95.00) on shares of AveXis in a research note on Tuesday, October 3rd. Two analysts have rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the stock. AveXis has a consensus rating of “Buy” and an average price target of $110.67.
Shares of AveXis (AVXS) opened at $95.99 on Thursday. AveXis has a 52 week low of $44.68 and a 52 week high of $108.27.
AveXis (NASDAQ:AVXS) last released its earnings results on Thursday, November 9th. The company reported ($1.52) EPS for the quarter, missing the Zacks’ consensus estimate of ($1.48) by ($0.04). During the same period in the prior year, the company posted ($0.87) earnings per share. analysts anticipate that AveXis will post -6.23 EPS for the current year.
In other AveXis news, insider Brian K. Kaspar sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $101.23, for a total value of $1,518,450.00. Following the completion of the sale, the insider now owns 1,841,019 shares in the company, valued at $186,366,353.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sukumar Nagendran sold 1,780 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $101.26, for a total value of $180,242.80. Following the completion of the sale, the vice president now owns 1,780 shares of the company’s stock, valued at approximately $180,242.80. The disclosure for this sale can be found here. Insiders sold a total of 35,340 shares of company stock valued at $3,559,683 in the last 90 days. 18.60% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in AVXS. BlackRock Inc. lifted its position in AveXis by 3,055.6% in the first quarter. BlackRock Inc. now owns 1,708,386 shares of the company’s stock valued at $129,888,000 after purchasing an additional 1,654,248 shares during the last quarter. Janus Henderson Group PLC bought a new stake in AveXis in the second quarter valued at approximately $55,439,000. Alliancebernstein L.P. lifted its position in AveXis by 4,448.8% in the second quarter. Alliancebernstein L.P. now owns 564,966 shares of the company’s stock valued at $46,418,000 after purchasing an additional 552,546 shares during the last quarter. FMR LLC lifted its position in AveXis by 13.1% in the second quarter. FMR LLC now owns 4,705,433 shares of the company’s stock valued at $386,598,000 after purchasing an additional 544,475 shares during the last quarter. Finally, State Street Corp lifted its position in AveXis by 104.2% in the second quarter. State Street Corp now owns 1,000,001 shares of the company’s stock valued at $82,163,000 after purchasing an additional 510,189 shares during the last quarter. Hedge funds and other institutional investors own 94.90% of the company’s stock.
AveXis Company Profile
AveXis, Inc is a clinical-stage gene therapy company. The Company operates through the developing and commercializing gene therapy treatments for patients suffering from neurological genetic diseases segment. The Company’s product candidate, AVXS-101, is its gene therapy product candidate that is in a Phase I clinical trial for the treatment of spinal muscular atrophy (SMA) Type 1, which is a genetic disorder characterized by motor neuron loss and associated muscle deterioration.
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