Anavex Life Sciences Stock Just Shot Up 7% Today – Here’s An Important Update

Anavex Life Sciences (AVXL) on Thursday said that its investigational drug achieved its primary endpoint in a mid-stage trial and demonstrated safety and tolerability in adults with Schizophrenia.

Shares of the company soared 9% in Thursday’s pre-market session.

The company said that the safety profile of ANAVEX3-71 was consistent with previous studies in healthy volunteers, and no serious treatment-emergent adverse events were reported in the study.

The company is evaluating the drug in the treatment of Schizophrenia, a persistent and often disabling mental illness impacting how a person thinks, feels, and behaves, and affects nearly 24 million people worldwide. According to Anavex, the illness impacts 2.8 million people in the U.S. alone.

On Stocktwits, retail sentiment around AVXL stock jumped from ‘neutral’ to ‘bullish’ over the past 24 hours, while message volume stayed at ‘high’ levels.

Anavex also said on Thursday that encouraging trends were observed in biomarkers of Schizophrenia in the study that support continued development. This includes a reduced glial fibrillary acidic protein in patients receiving ANAVEX3-71 compared to placebo.

GFAP is a marker of neuroinflammation, and a reduction in it suggests a potential disease-modifying effect that may become more pronounced with longer treatment durations, the company said.

The company on Thursday also announced the successful development of a once-daily oral tablet formulation for the ANAVEX3-71 program. The tablet exhibits superior pharmacokinetics compared to the current immediate-release oral capsule, enabling once-daily dosing, it added.

AVXL stock is down 16% this year but up approximately 59% over the past 12 months. 

Read also: Rivian Slashes Full-Year Delivery Guidance After Drop In Q3 Figures

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Share

·

Add us on