Anavex Life Sciences Corp (OTCMKTS:AVXL) stock price surged more than 10% on Friday after the company received attention of the leading analysts. The stock received a place in the premarket biotech digest prepared by Seeking Alpha. The digest stated that it is a normal trend to see any BioPharma company become a start company after it issues promising result in Alzheimer’s clinical studies. The company comes in focus irrespective of the fact that data are from early stage trials.
The premarket biotech digest of Seeking Alpha highlighted Anavex as an interesting firm that is active in developing effective treatments for Alzheimer’s disease. Anavex is a clinical stage BioPharma entity that is working to develop novel drug candidate for Alzheimer’s and many other CNS problems. The company’s lead product candidate is ANAVEX Plus, which is a combination of Aricept and ‘AVANEX 2-73.’ The company is of view that ANAVEX Plus will have reduced clinical study risk as Aricept is a approved drug by the FDA.
Anavex initiated a Phase II a study with AVANEX Plus and AVANEX 2-73 in last quarter of 2014. In May 2015, it released a PR stating that data included in a journal in the National Academy of Sciences is extremely positive. The result shows that activated sigma-1 receptor with agonists can probably mitigate the detrimental effects of tau dysfunction, which is a common problem seen in people suffering with Alzheimer’s. ANAVEX 2-73 blocked tau dysfunction indication in a mouse model analyzed in a dose-dependent study.
Anavex intends to issue preliminary clinical report of its underway Phase II a clinical trial of drug ANAVEX 2-73 at the Alzheimer’s Association International Conference.
Anavex Life Sciences Corp (OTCMKTS:AVXL) reversed the downtrend in the extreme short term and ended the last trading session with a gain of 10.87%. The only worrying thing for the bulls would be the volume pattern as at 1.3 million for the day, it was almost half the daily average of 2.5 million. On the other hand, the stock trades just 8% away from the 52 week high of $0.5550, almost coincident with the major resistance level of $0.60. A successful break above this resistance area may extend the rally to $0.90 levels, the strongest supply area.