AveXis Inc. (AVXS) Shares Up 6.3% Following Analyst Upgrade
AveXis Inc. (NASDAQ:AVXS) was up 6.3% during trading on Monday after Jefferies Group raised their price target on the stock from $42.00 to $50.00. Jefferies Group currently has a buy rating on the stock. AveXis traded as high as $44.88 and last traded at $44.35, with a volume of 405,789 shares. The stock had previously closed at $41.72.
Other equities research analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of AveXis from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a research report on Tuesday, August 16th. Chardan Capital reissued a “buy” rating and issued a $60.00 target price on shares of AveXis in a research report on Friday, August 12th. Finally, Wells Fargo & Co. started coverage on shares of AveXis in a research report on Friday, July 15th. They issued a “market perform” rating on the stock. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. AveXis presently has an average rating of “Buy” and an average price target of $47.00.
In other AveXis news, insider Paul B. Manning sold 289,855 shares of AveXis stock in a transaction that occurred on Tuesday, September 13th. The shares were sold at an average price of $34.50, for a total transaction of $9,999,997.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Deerfield Management Co. acquired a new position in shares of AveXis during the first quarter worth $60,928,000. VHCP Management II LLC acquired a new position in shares of AveXis during the first quarter worth $24,501,000. FMR LLC boosted its position in shares of AveXis by 212.8% in the second quarter. FMR LLC now owns 688,353 shares of the company’s stock worth $26,171,000 after buying an additional 468,279 shares during the period. Adage Capital Partners GP L.L.C. boosted its position in shares of AveXis by 59.5% in the second quarter. Adage Capital Partners GP L.L.C. now owns 637,931 shares of the company’s stock worth $24,254,000 after buying an additional 237,931 shares during the period. Finally, RTW Investments LLC boosted its position in shares of AveXis by 0.6% in the second quarter. RTW Investments LLC now owns 476,367 shares of the company’s stock worth $18,111,000 after buying an additional 2,993 shares during the period. 54.46% of the stock is currently owned by hedge funds and other institutional investors.
The firm’s market cap is $1.02 billion. The firm’s 50-day moving average price is $36.79 and its 200 day moving average price is $33.25.
AveXis (NASDAQ:AVXS) last released its quarterly earnings data on Thursday, August 11th. The company reported ($0.68) EPS for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.09. Equities analysts predict that AveXis Inc. will post ($3.35) EPS for the current year.
AveXis Company Profile
AveXis, Inc, formerly Biolife Cell Bank, Inc, is a clinical-stage gene therapy company. The Company operates through 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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