AveXis’ (AVXS) Buy Rating Reaffirmed at Chardan Capital
“We would encourage buying on any AVXS weakness today, on the potential that the market may have understandably misunderstood what could be an atypical but stepped up process in terms of filing timelines for AVXS-101 in SMA type 1. Our take: Our base case (see our 15 June 2017 note) of a filing after pivotal STR1VE (NCT03306277) phase III data seems to have been improved upon. There are reasons to believe AveXis could file AVXS-101 by 3Q18, with a blue skies” scenario involving AVXS-101 approval by end-2018 or early-2019. We note AveXis’ appropriately non-promotional commentary when executing its duties in communicating status of important regulatory matters to the market.”,” Chardan Capital’s analyst wrote.
AVXS has been the topic of a number of other research reports. Zacks Investment Research lowered AveXis from a buy rating to a hold rating in a research note on Monday, October 30th. Bank of America lowered their price objective on AveXis from $115.00 to $112.00 and set a buy rating on the stock in a research note on Friday, November 10th. Canaccord Genuity started coverage on AveXis in a research note on Thursday, October 26th. They set a hold rating and a $110.00 price objective on the stock. Wells Fargo & Co reissued an outperform rating on shares of AveXis in a research note on Friday, September 29th. Finally, BMO Capital Markets reissued an outperform rating and set a $130.00 price objective (up previously from $123.00) on shares of AveXis in a research note on Thursday, October 12th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the stock. The stock has an average rating of Buy and an average price target of $111.94.
AveXis (NASDAQ AVXS) opened at $102.08 on Friday. The firm has a market capitalization of $3,349.21, a price-to-earnings ratio of -18.29 and a beta of 2.46. AveXis has a 12 month low of $50.56 and a 12 month high of $116.15.
AveXis (NASDAQ:AVXS) last released its quarterly earnings data on Thursday, November 9th. The company reported ($1.52) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.48) by ($0.04). During the same period in the prior year, the business earned ($0.87) earnings per share. research analysts anticipate that AveXis will post -6.23 earnings per share for the current fiscal year.
In other news, insider Brian K. Kaspar sold 15,000 shares of the company’s stock in a transaction on Monday, October 9th. The stock was sold at an average price of $101.46, for a total value of $1,521,900.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Sukumar Nagendran sold 1,780 shares of the company’s stock in a transaction 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 transaction, the vice president now directly owns 1,780 shares in the company, valued at approximately $180,242.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,340 shares of company stock worth $6,840,745. Corporate insiders own 18.60% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. FMR LLC lifted its stake in shares of AveXis by 13.1% in the 2nd 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. BlackRock Inc. lifted its stake in shares of AveXis by 34.7% in the 2nd quarter. BlackRock Inc. now owns 2,301,229 shares of the company’s stock valued at $189,069,000 after purchasing an additional 592,843 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of AveXis by 31.8% in the 2nd quarter. Vanguard Group Inc. now owns 1,575,205 shares of the company’s stock valued at $129,419,000 after purchasing an additional 380,396 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of AveXis by 52.2% in the 3rd quarter. Janus Henderson Group PLC now owns 1,027,221 shares of the company’s stock valued at $99,363,000 after buying an additional 352,456 shares during the period. Finally, State Street Corp raised its holdings in shares of AveXis by 104.2% in the 2nd quarter. State Street Corp now owns 1,000,001 shares of the company’s stock valued at $82,163,000 after buying an additional 510,189 shares during the period. 92.88% of the stock is currently owned by institutional investors and hedge funds.
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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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