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Highlights:
- Anavex Life Sciences announced positive results from a clinical study on Friday.
- The AVXL stock went up over 34 per cent in the morning trading hours on December 2.
- The company's trading volume was over 11 million soon after the market opened on Friday.
Stocks of biopharmaceutical firm, Anavex Life Sciences Corp. (NASDAQ:AVXL) have gained notable traction today, as seen by the jump in its price in the morning trading hours.
Soon after the opening bell on Wall Street, the AVXL stock surged more than 34 per cent, following positive results from a clinical study. The recent announcement of the firm might have lifted investors’ sentiments.
Here we explore the recent developments of the firm and see what might have contributed to the recent gains of the healthcare stock:
Why is it rising?
Anavex Life Sciences Corp. is a person-focused biopharmaceutical firm, which claims to have a product portfolio focused on neurodegenerative and neurodevelopmental disorders. The company primarily offers the SIGMACEPTOR Discover Platform, which it says to produce therapeutic candidates developed to activate a novel pathway to treat conditions related to the chronic central nervous system (CNS).
The biopharmaceutical firm, which focuses on neurodegenerative and neurodevelopmental disorders like Alzheimer, etc., announced that it has achieved a positive result from a clinical study.
As per the announcement, the company gets positive topline results from its Phase 2b/3 ANAVEX 2-73-AD-004 clinical study. The clinical trial was for oral ANAVEX 2-73 (blarcamesine) which is used to treat mild cognitive impairment caused by diseases like Alzheimer's.
The New York-based healthcare firm said that its product has met the primary requirements of ADAS-Cog1 and ADCS-ADL2, and the secondary requirements of CDR-SB3.
The company said that it would now focus on meeting the regulators for discussing the context of its continuing developments that aims to introduce the therapy in the US, Europe, and other regions.
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Bottom line:
The price of AVXL stock was US$ 11.9496 at 9:32 am ET on Friday, December 2, up 34.72 per cent from its prior close, and its trading volume was over 11.22 million at the same time. Meanwhile, the biopharmaceutical firm's stock closed at 8.87 on Thursday, December 1.
Anavex Life Sciences Corp's net loss per basic and diluted share was US$ 0.18 in Q4 FY22, against a loss of US$ 0.15 in the year-ago period. For fiscal 2022, its net loss per basic and diluted share was US$ 0.62, against a loss of US$ 0.54 in fiscal 2021.
