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After the market closed on Monday, Axovant Sciences Ltd (NYSE: AXON) reported its second-quarter financial results, with a net loss of ($0.38) per share missing the Street’s consensus by $0.02 on the back of larger than expected SG&A expenses.
However, JMP analysts Jason N. Butler and Harry Jenq reiterated a Market Outperform rating and $36 price target on the shares, as they believe the really relevant information out of the call was that related to the company’s pipeline expansion.
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A Look Into The Report
Axovant ended the first quarter with $253 million in cash, a figure that Butler and Jenq consider enough to back global development initiatives across diverse programs. However, what the analysts considered most notable were the announcements of the licensing of RVT-103, a blend of donepezil and glycopyrrolate, and “expanded development plans for intepirdine in patients with impaired gait.”
The experts also pointed out that the clinical programs currently being held remain on track, and they anticipate that the Phase 3 results and NDA submission for intepirdine in Alzheimer’s disease will come in during 2017. Shorter term, results from the Phase 2 proof-of-concept trial for nelotanserin in patients with Lewy body dementia and visual hallucinations are expected during the second half of 2016.
Pipeline expansion has occurred, and will also continue beyond these initiatives, and already includes a broad exclusive license agreement with Qaam Pharmaceuticals and the addition of RVT-104 to the company’s portfolio. The figure below looks into some of the upcoming catalysts.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.