Anavex price target lowered to $40 from $54 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Anavex to $40 from $54 and keeps a Buy rating on the shares after the company reported topline results from the Phase 2/3 EXCELLENCE clinical trial of 30 mg ANAVEX2-73 in pediatric patients with Rett syndrome. While Anavex pointed to an unexpectedly high placebo response as a potential contributor to missing statistical significance and indicated that it has identified probable causes of this, the firm is now assuming that at least one additional pivotal study may be required to support approval of blarcamesine in Rett syndrome. In light of this, the firm pushed back the potential timeline for approval of the drug in this indication to late 2026, while lowering its view of the odds of approval to 50% from 75% previously.