Anavex price target lowered to $28 from $35 at BTIG

BTIG analyst Yun Zhong lowered the firm’s price target on Anavex to $28 from $35 but keeps a Buy rating on the shares. The company’s Q1 results and update provided no clarity on when the full dataset from the Phase 2/3 study in Alzheimer’s disease will be available, so investors must continue to wait on gauging ANAVEX 2-73’s true efficacy, the analyst tells investors in a research note. The firm adds that the pathway for Anavex’s Rett syndrome program should be more straightforward, with the FDA’s input on study endpoints disclosed in last week’s press release that announced patient over- enrollment in the ongoing Phase 2/3 study in pediatric patients, though the top-line data from the study are now expected in the second half of this year vs. the prior guidance of first half.