Morgan Stanley Reiterates “$120.00” Price Target for AveXis (AVXS)
AveXis (NASDAQ:AVXS) received a $120.00 target price from Morgan Stanley in a report released on Friday. The brokerage presently has a “buy” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 17.55% from the stock’s previous close.
Several other equities research analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of AveXis from a “buy” rating to a “hold” rating in a research report on Monday, October 30th. Bank of America reduced their price objective on shares of AveXis from $115.00 to $112.00 and set a “buy” rating on the stock in a research report on Friday, November 10th. Canaccord Genuity started coverage on shares of AveXis in a research report 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 report on Friday, September 29th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $130.00 price objective (up from $123.00) on shares of AveXis in a research note on Thursday, October 12th. Three equities research 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 target price of $111.94.
AveXis (AVXS) traded down $2.66 during midday trading on Friday, reaching $102.08. 837,632 shares of the company’s stock were exchanged, compared to its average volume of 367,840. AveXis has a 12 month low of $50.56 and a 12 month high of $116.15.
AveXis (NASDAQ:AVXS) last released its earnings results on Thursday, November 9th. The company reported ($1.52) EPS for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.04). During the same period in the prior year, the company posted ($0.87) EPS. equities analysts forecast that AveXis will post -6.23 earnings per share for the current year.
In related news, insider Brian K. Kaspar sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $109.75, for a total value of $1,646,250.00. Following the sale, the insider now owns 1,808,386 shares in the company, valued at $198,470,363.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Andrew F. Knudten sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $94.48, for a total value of $188,960.00. Following the completion of the sale, the vice president now owns 7,000 shares in the company, valued at approximately $661,360. The disclosure for this sale can be found here. Insiders sold 67,340 shares of company stock valued at $6,840,745 over the last quarter. 18.60% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC acquired a new position in shares of AveXis during the 2nd quarter worth approximately $55,439,000. BlackRock Inc. raised its stake in shares of AveXis by 34.7% during the 2nd quarter. BlackRock Inc. now owns 2,301,229 shares of the company’s stock worth $189,069,000 after buying an additional 592,843 shares during the period. Alliancebernstein L.P. raised its stake in shares of AveXis by 4,448.8% during the 2nd quarter. Alliancebernstein L.P. now owns 564,966 shares of the company’s stock worth $46,418,000 after buying an additional 552,546 shares during the period. FMR LLC raised its stake in shares of AveXis by 13.1% during the 2nd quarter. FMR LLC now owns 4,705,433 shares of the company’s stock worth $386,598,000 after buying an additional 544,475 shares during the period. Finally, State Street Corp raised its stake in shares of AveXis by 104.2% during the 2nd quarter. State Street Corp now owns 1,000,001 shares of the company’s stock worth $82,163,000 after buying an additional 510,189 shares during the period. Institutional investors and hedge funds own 92.88% of the company’s stock.
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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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