Bad Week for Anavex Life Sciences Corp (OTCMKTS:AVXL)

Anavex Life Sciences Corp (OTCMKTS:AVXL)

Shares of Anavex Life Sciences Corp (OTCMKTS:AVXL) dropped over 26% for the week. The weekly performance would have been worse, however a heavy buying spree at the end of Friday’s session pushed the shares up from their $3.64 daily low to close out the week at $4.21. YTD AVXL shares are up over 6% but are down over 40% for the year.

Anavex Life Sciences Corp (OTCMKTS:AVXL), headquartered in New York City, NY, is a clinical stage biopharmaceutical company that develops therapeutics for the treatment of neurodegenerative and neurodevelopmental diseases including Alzheimer’s disease, other central nervous system diseases, pain, and various types of cancer. Anavex’s lead compound ANAVEX™ 2-73 is being developed to treat Alzheimer’s disease, Parkinson’s disease, and other central nervous system diseases such as Rett syndrome. ANAVEX™ 2-73, recently completed successfully a Phase 2a clinical trial for Alzheimer’s disease.  Results from preclinical studies showed promise to halt and/or reverse the course of Alzheimer’s disease. The Michael J. Fox Foundation for Parkinson’s Research has awarded Anavex a research grant to develop ANAVEX™ 2-73 for the treatment of Parkinson’s disease to fully fund a preclinical study, which could justify moving ANAVEX™ 2-73 into a Parkinson’s disease clinical trial.

On July 20, 2017, Anavex Life Sciences Corp (OTCMKTS:AVXL) announced the appointment of Andrew J. Cole, M.D., F.R.C.P.(C.) to its Scientific Advisory Board. Dr. Cole is Director of the MGH Epilepsy Service, Chief of the Division of Clinical Neurophysiology and Epilepsy and Professor of Neurology at Harvard Medical School. He trained in Neurology and Clinical Neurophysiology at the Montreal Neurological Institute, and then moved to Johns Hopkins University School of Medicine where he was Assistant Professor of Neurology. Dr. Cole then came to Massachusetts General Hospital in 1992 where he started and developed the MGH Epilepsy Service and founded the MGH Pediatric Epilepsy Service. In addition to research and clinical work, Dr. Cole lectures frequently throughout the United States and internationally, and has been a visiting professor at numerous institutions in the U.S.A. and abroad.

AVXL shareholders would welcome positive news. Each year they have experienced per share losses. In 2012 the per share loss was (-$1.18) but the loss did shrink to (-$0.42) by 2016. Still, for a biotech with no revenues, AVXL shareholder’s patience may be wearing thin.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.