Why Shares of Anavex Life Sciences Rose 12.4% in February
Shares of Anavex Life Sciences (NASDAQ: AVXL) rose 12.4% in February, according to data provided by S&P Global Market Intelligence. The clinical-stage biotech's stock closed at $10.87 in January, then rose to a high of $11.93 on Feb. 7, the day the company announced first-quarter earnings. The stock closed the month at $9.52. The stock has a 52-week low of $7.13 and a 52-week high of $15.24. The stock is up more than 6% so far this year.
The company focuses on therapies to treat neurodegenerative and neurodevelopmental disorders, including Alzheimer's disease, Parkinson's disease, and Rett syndrome, plus other central nervous system diseases. In its earnings report, company CEO Christopher Missling said the company was pleased with the progress of Anavex 2-73 (blarcamesine) in a Phase 2b/3 study to slow Alzheimer's disease. Anavex 2-73 is a small molecule activator of the s-1 receptor.
In December, the company said the drug met primary and key secondary endpoints in the study. The study looked at 509 patients for more than 48 weeks and found those treated with the therapy were 84% more likely to show improved cognition on the Alzheimer's Disease Assessment Scale-Cognitive subscale.
Source Fool.com
