Anavex Life Sciences Corp. (AVXL) shares surged 5.61% in pre-market trading on Thursday, after H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on the stock and raised the price target from $40 to $42, citing the company's strong financial position and prospects for European approval of its lead drug candidate.
According to Selvaraju, Anavex's robust cash position and potential European approval for its Alzheimer's drug candidate, blarcamesine, drove the positive outlook and higher price target. The analyst expects the company's cash runway to extend well into 2025, supporting its development efforts.
Selvaraju highlighted blarcamesine's promising clinical data and regulatory pathway, anticipating potential approval in Europe next year. The drug candidate is currently under review by the European Medicines Agency (EMA) for the treatment of Alzheimer's disease.
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