Anavex Life Sciences Corp (OTCMKTS:AVXL) stock managed to break the consolidation range in last week of September, and since then it is gradually moving up on the chart. In last trading session, the stock price of Anavex jumped more than 12% to close the week at $1.60.
With sharp decline in commodities prices and plunge in crude oil, investors are seeking small cap stocks that can provide them with remarkable returns in coming years. It is difficult to assess where true potential lies, but one small cap firm catching the attention of investors is Anavex Life. The company’s lead drug ANAVEX 2-73 is all set to enter into the Phase 2a clinical trial.
The enrollment
As per the latest report, Anavex completed the patients’ enrollment process for Phase IIa clinical study ahead of schedule. It is a remarkable accomplishment for the company as following this it can report top line data of Anavex 2-73 Part-A study in this year.
Christopher U. Missling, PhD, the CEO stated that there has been striking interest in designed Phase 2a Alzheimer’s study, which is validated from the full enrollment of the study. The entire team is excited with the progress and Anavex management appreciates the support received from patients and their families.
The drug
“ANAVEX 2-73” is the investigational oral drug in its Phase IIa trial for Alzheimer’s disease treatment. The medication aims to treat the disease and not just its indications. It targets both muscarinic as well as sigma-1 receptors, so as to reduce protein misfolding and lower beta amyloid, and tau and inflammation. Anavex is targeting huge market of unmet medical need.
As per the latest report, the market of AD medication is vast with more than twenty-five million people suffering from disease. The number of patients is expected to jump to 100 million by year 2050.
Anavex Life Sciences Corp (OTCMKTS:AVXL) surged sharply in the last trading session and ended the day with a solid gain of 12.68% but it would still be too early to conclude if the sideways corrective phase was finished. The volume of the day at 2.9 million was higher than the daily average of 1.8 million but that was barely proportionate to the rally seen in the price. The long term structure remains bullish and the sideways phase has been but a necessary pause but the price now faces the stiff supply zone around $1.65-$1.70, as seen from the chart. To absorb the supply, the stock needs a lot of volume in the next couple of sessions.
