Stock analysts at Mizuho started coverage on shares of AveXis (NASDAQ:AVXS) in a research report issued on Monday. The brokerage set a “buy” rating and a $147.00 price target on the stock. Mizuho’s price target would suggest a potential upside of 31.37% from the stock’s previous close.
The analysts wrote, “We expect a pre-BLA meeting in 2Q/3Q18, and potential regulatory approval in 2019 for type 1 SMA. We also see additional upside for AVXS-101 in SMA type 2 patients. KeyPoints Gene therapy is coming of age. After years of advancements and discovery in the field of gene therapy, we believe a number of companies are on the cusp of gaining approval for these novel one-time treatments. We see strong potential for leading candidate products and take confidence from the recent unanimous FDA approval of Spark’s (ONCE, Buy, $79 PT) Luxturna. A significant opportunity for gene therapy in the treatment of SMA. With approximately 60% of the incident SMA population affected by type 1 and limited treatment options, AveXis’ lead product candidate AVXS-101 could have a substantial impact. Given strong data from a recent phase 1 trial, we believe AVXS-101 could capture a significant market share in SMA type 1.””
Several other research analysts also recently commented on the stock. Zacks Investment Research raised shares of AveXis from a “hold” rating to a “buy” rating and set a $112.00 price objective for the company in a report on Tuesday, October 24th. Bank of America cut their price objective on shares of AveXis from $115.00 to $112.00 and set a “buy” rating for the company in a report on Friday, November 10th. Chardan Capital reaffirmed a “buy” rating on shares of AveXis in a report on Thursday, November 2nd. Canaccord Genuity started coverage on shares of AveXis in a report on Thursday, October 26th. They issued a “hold” rating and a $110.00 price objective for the company. Finally, BidaskClub downgraded shares of AveXis from a “hold” rating to a “sell” rating in a report on Thursday, December 14th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and fifteen have given a buy rating to the company. AveXis has an average rating of “Buy” and an average price target of $116.95.
In other AveXis news, VP Sukumar Nagendran sold 1,780 shares of the firm’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $94.77, for a total value of $168,690.60. Following the completion of the transaction, the vice president now directly owns 1,780 shares of the company’s stock, valued at approximately $168,690.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Andrew F. Knudten sold 2,000 shares of the firm’s stock in a transaction on Monday, December 4th. The shares were sold at an average price of $94.48, for a total transaction of $188,960.00. Following the completion of the transaction, the vice president now directly owns 7,000 shares of the company’s stock, valued at $661,360. The disclosure for this sale can be found here. Over the last three months, insiders sold 57,560 shares of company stock valued at $6,160,062. Insiders own 18.60% of the company’s stock.
Large investors have recently made changes to their positions in the business. Strs Ohio bought a new position in AveXis in the 3rd quarter valued at $116,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in AveXis by 57.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,241 shares of the company’s stock valued at $137,000 after purchasing an additional 453 shares during the period. Cubist Systematic Strategies LLC boosted its holdings in AveXis by 688.6% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 1,806 shares of the company’s stock valued at $175,000 after purchasing an additional 1,577 shares during the period. Teacher Retirement System of Texas purchased a new stake in shares of AveXis during the 3rd quarter valued at $200,000. Finally, Deschutes Portfolio Strategy LLC purchased a new stake in shares of AveXis during the 3rd quarter valued at $203,000. 81.52% of the stock is owned by hedge funds and other institutional investors.
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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