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AXON

Axovant Sciences

$24.25

-0.74 (-2.96%)

07:06
09/26/17
09/26
07:06
09/26/17
07:06

Axovant Phase 3 Alzheimer's study misses co-primary endpoints

Axovant Sciences announced that the Phase 3 Mindset clinical trial of its investigational drug intepirdine in patients with mild to moderate Alzheimer's disease who were receiving background donepezil therapy did not meet its co-primary efficacy endpoints. At 24 weeks, patients treated with 35 mg of intepirdine did not experience improvement in cognition or in measures of activities of daily living as measured by the Alzheimer's Disease Assessment Scale-Cognitive Subscale and by the Alzheimer's Disease Cooperative Study-Activities of Daily Living scale, respectively, compared to patients treated with placebo. In the study, intepirdine was generally well tolerated, the company added. After 24 weeks of treatment, change from baseline in cognition was non-significantly improved in the intepirdine arm versus the placebo arm. In addition, there was essentially no difference between the intepirdine and placebo arms in change from baseline in activities of daily living. Of the endpoints analyzed to date, the only endpoint in which any significant improvement was seen in the intepirdine arm versus the placebo arm was in the first key secondary endpoint, the Clinician Interview-Based Impression of Change plus caregiver interview, or CIBIC-plus. Axovant said, "The Company will work with investigators to conclude the MINDSET open-label extension study. " David Hung, CEO of Axovant, added, "While we are deeply disappointed by these trial results, we also are saddened for the millions of patients and families impacted by Alzheimer's disease. However, we believe that the fight against Alzheimer's and other important areas of unmet need in neurology is too important to be derailed by this setback.... We remain committed to advancing our pipeline." Axovant shares remain halted. They closed yesterday down 6c to $22.59.

AXON Axovant Sciences
$24.25

-0.74 (-2.96%)

07/10/17
JEFF
07/10/17
INITIATION
Target $40
JEFF
Buy
Axovant Sciences initiated with a Buy at Jefferies
Jefferies analyst Michael Yee initiated Axovant Sciences with a Buy and a $40 price target.
07/12/17
OPCO
07/12/17
NO CHANGE
OPCO
Outperform
Axovant Sciences upcoming results may drive valuation upside, says Oppenheimer
Oppenheimer analyst Jay Olson notes that Axovant Sciences faces two substantial binary events including the Phase 3 MINDSET study results at the end of September and the Phase 2 HEADWAY study results in Q4. The combination of these two events could drive up to 100% valuation upside, he contends. Further, the analyst believes the company is positioned to deliver the first new symptomatic Alzheimer's Disease drug approved by the FDA in over a decade. Olson reiterates an Outperform rating on the shares.
09/08/17
EVER
09/08/17
NO CHANGE
Target $30
EVER
Outperform
Axovant Sciences assumed with an Outperform at Evercore ISI
Evercore ISI analyst Josh Schimmer assumed coverage on Axovant Sciences with an Outperform and a $30 price target.
09/14/17
JEFF
09/14/17
NO CHANGE
Target $40
JEFF
Buy
Axovant looks 'very intriguing' at $20 per share, says Jefferies
Jefferies analyst Michael Yee believes the recent selloff in shares of Axovant Sciences presents a "unique" buying opportunity. At around $20 per share, the stock looks "very intriguing," Yee tells investors in a research note. The analyst sees "significant" potential upside, to $40-$100 per share, if the Phase III Alzheimer's data this month is positive. Yee's downside case is $3-$10 per share on negative data. Investors "should and will" buy the large selloff on negative data because CEO David Hung is likely to pivot the company, bring in more assets, and create value "from there pretty quickly," the analyst contends. Yee has a Buy rating on Axovant with a $40 price target. He thinks the Phase III Alzheimer's data has a 50%-60% chance of being positive.

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