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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.