AveXis, Inc. (AVXS) Sees Strong Trading Volume Following Analyst Upgrade
AveXis, Inc. (NASDAQ:AVXS) saw unusually-high trading volume on Monday after Citigroup raised their price target on the stock from $100.00 to $116.00. Citigroup currently has a buy rating on the stock. Approximately 170,662 shares changed hands during mid-day trading, a decline of 66% from the previous session’s volume of 498,453 shares.The stock last traded at $96.81 and had previously closed at $96.73.
Several other equities research analysts have also recently weighed in on AVXS. BMO Capital Markets restated an “outperform” rating and set a $95.00 target price on shares of AveXis in a research note on Friday, June 16th. Chardan Capital set a $103.00 price target on AveXis and gave the company a “buy” rating in a report on Sunday, June 18th. Jefferies Group LLC reiterated a “buy” rating on shares of AveXis in a research note on Wednesday, June 28th. Zacks Investment Research upgraded shares of AveXis from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Finally, Sanford C. Bernstein started coverage on shares of AveXis in a report on Thursday, July 27th. They set an “outperform” rating and a $108.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $101.82.
In other news, VP Sukumar Nagendran sold 1,780 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $91.52, for a total transaction of $162,905.60. Following the transaction, the vice president now directly owns 1,780 shares in the company, valued at $162,905.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 5,340 shares of company stock worth $501,996. Insiders own 18.60% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in AVXS. Nationwide Fund Advisors raised its position in AveXis by 9.0% in the 1st quarter. Nationwide Fund Advisors now owns 3,444 shares of the company’s stock valued at $262,000 after purchasing an additional 284 shares during the last quarter. Russell Investments Group Ltd. grew its position in AveXis by 30.2% during the 1st quarter. Russell Investments Group Ltd. now owns 17,550 shares of the company’s stock worth $1,335,000 after purchasing an additional 4,067 shares during the last quarter. Bank of New York Mellon Corp grew its position in AveXis by 27.8% during the 1st quarter. Bank of New York Mellon Corp now owns 62,922 shares of the company’s stock worth $4,784,000 after purchasing an additional 13,691 shares during the last quarter. Swiss National Bank grew its position in AveXis by 3.0% during the 1st quarter. Swiss National Bank now owns 27,400 shares of the company’s stock worth $2,083,000 after purchasing an additional 800 shares during the last quarter. Finally, UBS Asset Management Americas Inc. purchased a new position in AveXis during the 1st quarter worth $297,000. Hedge funds and other institutional investors own 94.71% of the company’s stock.
The firm’s market cap is $3.17 billion. The stock has a 50-day moving average of $93.36 and a 200 day moving average of $82.25.
AveXis (NASDAQ:AVXS) last posted its quarterly earnings results on Thursday, August 10th. The company reported ($2.07) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.97) by ($1.10). During the same quarter last year, the business earned ($0.68) earnings per share. On average, analysts anticipate that AveXis, Inc. will post ($6.04) earnings per share for the current fiscal year.
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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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