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Anavex Higher on Phase 2 Progress With Parkinson's Drug

Anavex shares rose on reported clinical-trial progress with a Parkinson's drug candidate. JonesTrading analyst Soumit Roy raised his price target to $50.
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Shares of Anavex Life Sciences  (AVXL) - Get Anavex Life Sciences Corp. Report advanced Monday after the biotechnology company reported progress in a Phase 2 trial of a Parkinson’s drug, Anavex2-73.

JonesTrading analyst Soumit Roy raised his price target on the New York company to $50 from $35, affirming a buy rating.

Anavex recently traded at $28.75, up 16%. The stock has quintupled in the past six months.

“This study demonstrates for the first time that a drug-specific biomarker correlates with clinical efficacy endpoints in Parkinson’s disease,” the company said.

“Treatment with Anavex2-73 not only slows the progression of motor and non-motor symptoms in moderately advanced patients with Parkinson’s,” it said.

“Anavex2-73 also resulted in clinically meaningful improvements as measured by the global composite score of Parkinson’s disease symptom severity” and other metrics.

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That indicates “Anavex2-73’s global capability of slowing and reversing symptoms that progress in Parkinson’s disease, an urgent unmet medical need.”

In other health news Monday, Arbutus Biopharma  (ABUS) - Get Arbutus Biopharma Corporation Report reported progress with GalNAc-siRNA AB-729, a hepatitis drug.

“Repeat dosing of AB-729 results in modest reductions in hepatitis B core-related antigen and hepatitis B e antigen,” the company said. “Repeat dosing of AB-729 was safe and well tolerated.”

Further, “These data support the continued evaluation of AB-729 as the cornerstone of combination treatment to achieve functional cure of chronic Hepatitis B virus.”

Meanwhile, Pieris Pharmaceuticals PIRS said Friday that it received a grant from Bavaria to develop a drug to treat lung scarring suffered by long-term COVID victims.

The grant totals 14.2 million euro ($17 million) from the Bavarian Ministry of Economic Affairs.