Anavex Life Sciences stock slides as downgraded to neutral at Cantor Fitzgerald
Cantor Fitzgerald analyst Charles Duncan downgraded Anavex (AVXL) to Neutral from Overweight with a price target of $11, down from $16, after the company discussed the top-line results of its P2b/3 study of ANAVEX2-73 or blarcamesine, that were presented on December 1 at the Clinical Trials on Alzheimer's Disease Congress.
There are several key factors that suggest the data are "provocative, but not yet compelling," including the choice of statistical analyses and other trial design/conduct "complexifiers," Duncan tells investors.
There are also safety signals that may have broader platform implications, said Duncan, who has decided to step to the "sidelines" until he gets clarity with study data details.
Anavex Quant Rating says to Hold whereas, Wall St. Analysts rating stands with Strong Buy (3 Very Bullish, 1 Bullish).
Since the start of 2022, Anavex shares were down around 51%, and over a period of one year, shares were down around 52%.