Anavex Life Sciences (AVXL)

by | Jan 10, 2022 | Daily Trade Alerts

Keep an eye on Anavex Life Sciences (AVXL).

After pulling back from about $22 to $15.50, the stock appears to have caught strong support, and could be ready to pivot higher.

All after the company reported, “positive top-line results from its Phase 1 clinical trial of ANAVEX®3-71, an oral small molecule agonist of both SIGMAR1 and CHRM1 (Cholinergic Receptor Muscarinic M1) in development for the treatment of neurodegenerative diseases including Frontotemporal Dementia (FTD), for which ANAVEX®3-71 has been granted Orphan Drug Designation (ODD) by the FDA,” as noted in a company press release.

From a current price of $15.50, we’d like to see a near-term test of $22, especially as the company nears Phase 2 trials.

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