Anavex Life Sciences (AVXL) stock plummeted on Friday after the clinical-stage biopharmaceutical company announced a regulatory update concerning oral blarcamesine. This is a treatment in development for patients with early Alzheimer’s disease.
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The bad news here is that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) gave the company’s early Alzheimer’s disease treatment a negative trend vote following its Marketing Authorisation Application (MAA) and oral explanation. Anavex Life Sciences said it will seek a reexamination of its MAA by the CHMP due to guidance from the CHMP, EMA, and the Alzheimer’s disease community.
Juan Carlos Lopez-Talavera, MD, PhD, Head of Research and Development at Anavex Life Sciences, said, “We appreciate the opportunity for a productive dialogue and a meaningful exchange during the oral explanation meeting with the CHMP. The discussion provided valuable education and engagement around our oral blarcamesine early Alzheimer’s disease program, which merits continuation.”
Anavex Life Sciences Stock Movement Today
Anavex Life Sciences stock was down 44.64% in pre-market trading on Friday, following a 17.54% fall on Thursday. The shares have decreased 47.02% year-to-date and 23.57% over the past 12 months.
With today’s regulatory update came heavy trading of AVXL stock. This saw more than 3.5 million shares change hands as of this writing, compared to a three-month daily average trading volume of about 1.5 million units.
Is Anavex Life Sciences Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Anavex Life Sciences is Moderate Buy, based on one Buy rating and one Sell rating over the past three months. With that comes an average AVXL stock price target of $42, representing a potential 638.14% upside for the shares.
