Axovant Gene Therapies (AXGT) Gets a Hold Rating from Oppenheimer

By Austin Angelo

Oppenheimer analyst Jay Olson maintained a Hold rating on Axovant Gene Therapies (AXGTResearch Report) today. The company’s shares closed yesterday at $1.31, close to its 52-week low of $0.93.

Olson observed:

“AXGT hosted an R&D day featuring valuable insights from leading experts and updates on its innovative gene therapy programs. We’re encouraged by the clinical progress and rate of transformation from a small molecule me-too/me- better pipeline (intepirdine and nelotanserin) in 2018 to gene therapy in 2019. We appreciate the update on AXO-Lenti-PD gene therapy currently being studied in the SUNRISE-PD Ph2 clinical trial and AXO-AAV-GM1/GM2 gene therapies for GM1/ GM2 gangliosidosis, Tay-Sachs and Sandhoff diseases. Data from 2 patients with Parkinson’s Disease were reviewed in detail providing impressive results in our view. We view these initial results as promising validation building upon earlier success with ProSavin. We look forward to future updates from higher dose cohorts and maintain our Perform rating.”

According to TipRanks.com, Olson has currently no stars on a ranking scale of 0-5 stars, with an average return of -2.5% and a 43.4% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Conatus Pharmaceuticals, and Enanta Pharmaceuticals.

Axovant Gene Therapies has an analyst consensus of Strong Buy, with a price target consensus of $6.50.

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Based on Axovant Gene Therapies’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $34.3 million. In comparison, last year the company had a GAAP net loss of $25.32 million.

Based on the recent corporate insider activity of 25 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AXGT in relation to earlier this year.

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Axovant Sciences Ltd. is a clinical-stage biopharmaceutical company, which engages in the acquisition, development, and commercialization of novel therapeutics in the fields of neurology and psychiatry. Its therapeutic focus are Parkinson’s Disease and Lewy Body Dementia.