Why Is Anavex Life Sciences (AVXL) Stock Up 30% Today?
Anavex Life Sciences (NASDAQ:AVXL) stock is rocketing higher on Friday following positive results from a clinical trial.
The results come from its Phase 2b/3 clinical trial of ANAVEX®2-73. This is a treatment in development for Alzheimer’s disease. The study at the center of today’s news tested its effectiveness in treating patients suffering from the disease.
Holders of AVXL stock are celebrating today as the studies met their primary endpoints. That saw the drug reduce clinical decline on the global cognitive and functional scales. It also met a secondary endpoint of reducing clinical decline on the Clinical Dementia Rating Scale Sum of Boxes.
What’s Next for AVXL Stock?
With these positive study results, Anavex Life Sciences is preparing to meet with regulators for approval of ANAVEX®2-73. This has it seeking approval for the drug for patients living in Europe, Asia-Pacific and the U.S.
Alzheimer’s has become a hot topic among pharmaceutical companies as they seek a treatment for the disease. If Anavex Life Sciences can get approval for its drug and bring it to commercial markets, investors in AVXL stock will likely benefit from its success.
This has traders picking up shares of AVXL stock today and that’s led to heavy trading. As of this writing, more than 21 million shares are on the move. For comparison, its daily average trading volume is sitting at 1.1 million shares.
AVXL stock is up 30.6% as of Friday morning.
Investors looking for more of the latest stock market news will want to stick around!
InvestorPlace has all of the hottest stock market news for Friday ready to go! Among that is what has shares of ChargePoint (NYSE:CHPT), Helbiz (NASDAQ:HLBZ) and cannabis stocks moving today. You can catch up on that news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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