“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.”,” Chardan Capital’s analyst commented.
AVXS has been the topic of several other reports. Canaccord Genuity began coverage on shares of AveXis in a report on Thursday, October 26th. They set a hold rating and a $110.00 price objective on the stock. Zacks Investment Research lowered shares of AveXis from a buy rating to a hold rating in a report on Monday, October 30th. Sanford C. Bernstein began coverage on shares of AveXis in a report on Thursday, July 27th. They issued an outperform rating and a $108.00 price target on the stock. Citigroup Inc. raised their price target on shares of AveXis from $100.00 to $116.00 and gave the company a buy rating in a report on Monday, October 2nd. Finally, UBS AG restated a buy rating and issued a $122.00 price target (up previously from $95.00) on shares of AveXis in a report on Tuesday, October 3rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $107.78.
Shares of AveXis (NASDAQ:AVXS) traded up $1.23 during mid-day trading on Thursday, hitting $105.77. 65,094 shares of the stock traded hands, compared to its average volume of 323,546.
AveXis (NASDAQ:AVXS) last announced its quarterly earnings data on Thursday, August 10th. The company reported ($2.07) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.97) by ($1.10). During the same period last year, the firm posted ($0.68) EPS. analysts expect that AveXis will post -5.55 EPS for the current year.
In other AveXis news, insider Brian K. Kaspar sold 15,000 shares of the stock in a transaction that occurred on Monday, October 9th. The shares were sold at an average price of $101.46, for a total value of $1,521,900.00. 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 stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $97.25, for a total transaction of $173,105.00. Following the completion of the sale, the vice president now directly owns 1,780 shares of the company’s stock, valued at approximately $173,105. The disclosure for this sale can be found here. Insiders sold 35,340 shares of company stock valued at $3,559,683 in the last ninety days. 18.60% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of the business. Nationwide Fund Advisors grew its position in AveXis by 9.0% in the first quarter. Nationwide Fund Advisors now owns 3,444 shares of the company’s stock valued at $262,000 after acquiring an additional 284 shares in the last quarter. Parametric Portfolio Associates LLC grew its position in shares of AveXis by 2.9% during the second quarter. Parametric Portfolio Associates LLC now owns 20,943 shares of the company’s stock worth $1,721,000 after buying an additional 598 shares in the last quarter. American International Group Inc. grew its position in shares of AveXis by 26.7% during the first quarter. American International Group Inc. now owns 3,521 shares of the company’s stock worth $268,000 after buying an additional 742 shares in the last quarter. Seven Bridges Advisors LLC grew its position in shares of AveXis by 49.4% during the second quarter. Seven Bridges Advisors LLC now owns 2,557 shares of the company’s stock worth $210,000 after buying an additional 846 shares in the last quarter. Finally, Jennison Associates LLC grew its position in shares of AveXis by 0.5% during the second quarter. Jennison Associates LLC now owns 184,668 shares of the company’s stock worth $15,172,000 after buying an additional 882 shares in the last quarter. 94.84% of the stock is owned by institutional investors.
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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