Axovant Sciences Ltd. (AXON) Rating Lowered to Sell at Zacks Investment Research
Axovant Sciences Ltd. (NYSE:AXON) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
According to Zacks, “Axovant Sciences Ltd. is a biopharmaceutical company which focuses on the acquisition, development and commercialization of therapeutics for the treatment of neurodegenerative disorders. Its product candidate includes RVT-101 which is in different clinical trial for the treatment of Alzheimer’s disease and other forms of dementia. Axovant Sciences Ltd. is based in Hamilton, Bermuda. “
AXON has been the subject of a number of other reports. Oppenheimer Holdings, Inc. upped their price target on Axovant Sciences from $30.00 to $33.00 and gave the company a “neutral” rating in a research note on Monday, April 17th. CIBC upped their price target on Axovant Sciences from $26.00 to $30.00 and gave the company an “outperform” rating in a research note on Wednesday, June 14th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $31.00 price target on shares of Axovant Sciences in a research note on Tuesday, April 18th. Cowen and Company reaffirmed an “outperform” rating and issued a $30.00 price target (up from $22.00) on shares of Axovant Sciences in a research note on Tuesday, June 13th. Finally, BidaskClub raised Axovant Sciences from a “hold” rating to a “buy” rating in a research note on Friday, June 23rd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company. Axovant Sciences presently has a consensus rating of “Buy” and a consensus target price of $28.50.
Shares of Axovant Sciences (AXON) traded down 0.05% on Tuesday, hitting $22.09. 778,506 shares of the company’s stock traded hands. Axovant Sciences has a 1-year low of $11.01 and a 1-year high of $25.18. The company’s market cap is $2.37 billion. The firm’s 50-day moving average price is $22.40 and its 200 day moving average price is $17.00.
Axovant Sciences (NYSE:AXON) last announced its quarterly earnings results on Tuesday, June 13th. The biotechnology company reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.51) by $0.02. On average, equities research analysts expect that Axovant Sciences will post ($2.24) earnings per share for the current year.
In other news, Director W Anthony Vernon purchased 53,937 shares of Axovant Sciences stock in a transaction on Monday, April 17th. The stock was purchased at an average price of $18.54 per share, with a total value of $999,991.98. Following the transaction, the director now directly owns 53,937 shares in the company, valued at approximately $999,991.98. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider David Hung purchased 539,375 shares of Axovant Sciences stock in a transaction on Monday, April 17th. The shares were purchased at an average cost of $18.54 per share, with a total value of $10,000,012.50. Following the transaction, the insider now owns 539,375 shares in the company, valued at $10,000,012.50. The disclosure for this purchase can be found here. Corporate insiders own 3.10% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in AXON. Fox Run Management L.L.C. purchased a new position in Axovant Sciences during the second quarter worth $404,000. Point72 Asset Management L.P. increased its position in Axovant Sciences by 1,718.3% in the first quarter. Point72 Asset Management L.P. now owns 209,100 shares of the biotechnology company’s stock worth $3,124,000 after buying an additional 197,600 shares during the period. Bank of America Corp DE increased its position in Axovant Sciences by 38.9% in the first quarter. Bank of America Corp DE now owns 7,396 shares of the biotechnology company’s stock worth $111,000 after buying an additional 2,072 shares during the period. Oppenheimer & Co. Inc. purchased a new position in Axovant Sciences during the first quarter worth $219,000. Finally, Primecap Management Co. CA increased its position in Axovant Sciences by 300.1% in the first quarter. Primecap Management Co. CA now owns 2,878,930 shares of the biotechnology company’s stock worth $43,011,000 after buying an additional 2,159,428 shares during the period. 94.52% of the stock is owned by hedge funds and other institutional investors.
Axovant Sciences Company Profile
Axovant Sciences Ltd. is a clinical-stage biopharmaceutical company. The Company is focused on acquiring, developing and commercializing therapeutics for the treatment of dementia, including Alzheimer’s disease and Lewy body dementia. The Company intends to develop a pipeline of product candidates to address the cognitive, functional and behavioral aspects of dementia and related neurological disorders.
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