AVXL Stock Price Increases Over 60% Pre-Market: Why It Happened

By Amit Chowdhry ● February 4, 2021
  • The stock price of Anavex Life Sciences Corp (NASDAQ: AVXL) is trading at over 60% pre-market today as of 6:04 AM ET. This is why it happened.

The stock price of Anavex Life Sciences Corp (NASDAQ: AVXL) — a clinical-stage biopharmaceutical company, engages in the development of drug candidates for the treatment of central nervous system (CNS) diseases — is trading at over 60% pre-market today as of 6:04 AM ET. Anavex is not the only biopharma company that is seeing some major momentum this week (more on that below).

The company’s leading drug candidate is ANAVEX 2-73, which is in Phase III clinical trial for the treatment of Alzheimer’s disease and Phase II clinical trial for the treatment of Parkinson’s disease. Plus the company’s drug candidate ANAVEX 3-71 is in Phase I clinical trial for the treatment of frontotemporal dementia and other dementia indications and preclinical clinical trials to treat Alzheimer’s and Parkinson’s diseases. 

The company’s preclinical drug candidates include ANAVEX 1-41, a sigma-1 receptor agonist for the treatment of depression, stroke, Parkinson’s, and Alzheimer’s diseases. ANAVEX 1066 is a mixed sigma-1/sigma-2 ligand for the potential treatment of neuropathic and visceral pain. And ANAVEX 1037 is used for treating prostate and pancreatic cancer.

Investors appear to be linking the success of Cassava Sciences this week to Anavex Life Sciences. Cassava Sciences saw its stock price increase over 334% this past week. What drove the stock price of Cassava Sciences to increase involves the results of an interim analysis from an open-label study of simufilam, its lead drug candidate for the treatment of Alzheimer’s disease. And patients’ cognition and behavior scores both improved following 6 months of simufilam treatment, with no safety issues.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.