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Axovant Sciences Ltd (NYSE:AXON) reported its fiscal fourth-quarter results on Tuesday, which helped push shares higher by more than 3.5 percent on Wednesday.
Investors could potentially be rewarded with another upcoming catalyst in September with topline Phase 3 MINDSET results, analysts at HC Wainwright noted.
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HC Wainwright's Andrew Fein maintained a Buy rating on Axovant's stock and $35 price target based on the company's upcoming results of intepirdine in mild-to-moderate Alzherimer's.
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The analyst noted several developments that could "sweeten the deal on the upside" that could improve investor sentiment.
"The clinical pipeline matures with multiple readouts this year even sans MINDSET: HEADWAY-DLB study of intepirdine in 4Q (enrollment completed), phase 2 study of intepirdine on gait and balance, two phase 2 studies of nelotanserin, regulatory discussions for RVT-103, and plans for POC for RVT-104."
The appointment of "biotech superstar" David Hung as CEO serves as not only an "external validation" of the company's prospects but now gives the company ability to better execute on its pipeline.
Axovant remains well-financed with $213 million in cash on the balance sheet which could support its pipeline development in the medium term.
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.