Why Shares Of Anavex Life Sciences Slumped 23.5% On Monday

Why Shares Of Anavex Life Sciences Slumped 23.5% On Monday

Because Anavex Life Sciences shares fell 23.5% on Monday. © Courtesy of Motley Fool . Why Anavex Life Sciences Shares Dropped 23.5% Monday

what happened

Shares of Anavex Life Sciences (NASDAQ: AVXL ) , a clinical-stage biotech company specializing in the treatment of neurodegenerative and neurodevelopmental disorders, fell 23.5% on Monday. Shares closed Friday at $11.89. After opening Monday at $12.46, it rose to $12.49 before falling for much of the rest of the session, falling to $8.86 in the afternoon and closing the session at $9.10. The stock is down more than 47% this year, hitting a 52-week high of $21.30 and a 52-week low of $7.13.

for

On Monday, the company will publish financial results for the fourth quarter. Anavex was not profitable, but losses exceeded expectations. It reported a net loss of $14.3 million ($0.18 per share) for the period ended Sept. 30, compared with a net loss of $11.7 million ($0.15 per share) in the same period quarter of last year.

Anavex lost $48 million ($0.62 per share) for the fiscal year, compared with a loss of $37.9 million ($0.54 per share) in fiscal 2021. Despite those lackluster numbers, some investors see potential for the candidate’s systemic central nervous system therapy.

What now

Despite the disappointing numbers, the most important indication for Anavex will come on Dec. 1, when data from Anavex 2-73, the lead Alzheimer’s drug, will be presented at the Alzheimer’s Congress in San Francisco. Anavex 2-73 is currently in a phase 2b/3 study. The path to a potential Alzheimer’s treatment has been filled with disappointments, so some information about the trial may have leaked out early. The biotech company’s drug was touted as an alternative treatment for Rett syndrome, a neurodevelopmental disorder that only affects girls, and Parkinson’s disease.

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