Anavex Stock Jumps Pre-Market After Submitting Oral Alzheimer's Drug To European Regulators For Approval: Retail Over The Moon
By Stocktwits Inc | First Published Nov 26, 2024, 9:11 PM ISTD. Boral Capital believes Anavex’s Alzheimer’s treatment is superior to Cassava Sciences' approach.
Shares of Anavex Life Sciences Corp. ($AVXL) surged as much as 11% in pre-market trading Tuesday after the company filed for approval of its oral Alzheimer's drug with the European Medicines Agency (EMA).
The biopharmaceutical company is looking for market authorization for blarcamesine, an oral treatment designed for Alzheimer’s Disease.
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The drug has shown promising results in clinical trials with patients improving significantly over a 48-week period. The company cited ADAS-Cog13 scores improving by more than 2 points, which means the treatment may have helped slow cognitive decline.
The company also said that its treatment is more clinically effective as compared to approved therapies while slowing neurodegeneration in early-stage Alzheimer’s patients,
Anavex claims blarcamesine’s advantages include its ease of use – taken just once a day, it does not require routine MRIs and a favorable safety profile.
"Blarcamesine's safety and efficacy profile could represent a novel treatment that could be complementary or an alternative to anti-beta amyloid monoclonal antibody drugs,” said Juan Carlos Lopez-Talavera, the head of research and development at Anavex.
D. Boral Capital has maintained a ‘Buy’ rating on Anavex with a $46 price target after Cassava Sciences' ($SAVA) Phase 3 trial for simufilam failed in mild-to-moderate Alzheimer's disease.
The investment bank believes that Anavex’s treatment, which works by activating the sigma-1 receptor, could give it an edge over therapies like simlufilam that focus on narrower mechanisms.
Retail sentiment around Anavex jumped into the ‘extremely bullish’ (80/100) territory in pre-market trading on Tuesday along with an uptick in chatter to ‘extremely high’ (77/100).
Retail investors on Stockwits were cheering the company’s first-ever EMA submission.
Anavex is expected to report its fourth-quarter earnings on Friday with Wall Street expecting a loss of $0.16 per share on no revenue.
The stock has gained 69% so far this year, outperforming the broader market.
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Read also: Cassava Sciences Stock Craters After Alzheimer’s Disease Trial Flops: Retail’s Devastated
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