Axovant Gene Therapies (NASDAQ:AXGT) Upgraded to Buy at Zacks Investment Research

Axovant Gene Therapies (NASDAQ:AXGT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, Zacks.com reports. The brokerage presently has a $6.50 target price on the stock. Zacks Investment Research‘s price objective points to a potential upside of 14.84% from the company’s previous close.

According to Zacks, “Axovant Sciences Ltd. is a biopharmaceutical company which focuses on the acquisition, development and commercialization of therapeutics for the treatment of neurodegenerative disorders. Its product candidate includes RVT-101 which is in different clinical trial for the treatment of Alzheimer’s disease and other forms of dementia. Axovant Sciences Ltd. is based in Hamilton, Bermuda. “

AXGT has been the topic of a number of other research reports. Svb Leerink started coverage on shares of Axovant Gene Therapies in a research report on Friday, June 21st. They issued an “outperform” rating and a $18.00 price objective on the stock. Cowen reissued a “hold” rating on shares of Axovant Gene Therapies in a research report on Tuesday, July 9th. Robert W. Baird raised shares of Axovant Gene Therapies from a “neutral” rating to an “outperform” rating and cut their price objective for the stock from $16.00 to $13.00 in a research report on Monday, August 12th. Leerink Swann started coverage on shares of Axovant Gene Therapies in a research report on Friday, June 21st. They issued an “outperform” rating and a $5.79 price objective on the stock. Finally, ValuEngine raised shares of Axovant Gene Therapies from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $26.91.



AXGT traded down $0.23 during trading on Wednesday, reaching $5.66. The company had a trading volume of 73,606 shares, compared to its average volume of 363,923. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.70 and a quick ratio of 1.70. Axovant Gene Therapies has a 12 month low of $3.81 and a 12 month high of $20.80. The business’s fifty day moving average price is $6.91 and its 200 day moving average price is $5.43. The company has a market cap of $134.18 million, a P/E ratio of -0.71 and a beta of 1.25.

Axovant Gene Therapies (NASDAQ:AXGT) last announced its quarterly earnings data on Friday, August 9th. The company reported ($1.23) EPS for the quarter, topping the Zacks’ consensus estimate of ($1.34) by $0.11. As a group, sell-side analysts predict that Axovant Gene Therapies will post -4.25 EPS for the current fiscal year.

Several hedge funds have recently made changes to their positions in AXGT. Tower Research Capital LLC TRC lifted its position in shares of Axovant Gene Therapies by 955.3% in the second quarter. Tower Research Capital LLC TRC now owns 4,221 shares of the company’s stock worth $27,000 after purchasing an additional 3,821 shares in the last quarter. Marshall Wace LLP bought a new stake in Axovant Gene Therapies during the first quarter worth $272,000. Jane Street Group LLC raised its position in Axovant Gene Therapies by 28.8% during the second quarter. Jane Street Group LLC now owns 46,455 shares of the company’s stock worth $289,000 after acquiring an additional 10,375 shares in the last quarter. Primecap Management Co. CA bought a new stake in Axovant Gene Therapies during the first quarter worth $1,400,000. Finally, BlackRock Inc. bought a new stake in Axovant Gene Therapies during the second quarter worth $1,482,000. 13.48% of the stock is currently owned by institutional investors and hedge funds.

About Axovant Gene Therapies

Axovant Gene Therapies Ltd., a clinical-stage gene therapy company, focuses on developing a pipeline of product candidates for debilitating neurological and neuromuscular diseases. The company's current pipeline of gene therapy candidates targets GM1 gangliosidosis, GM2 gangliosidosis, Parkinson's disease, oculopharyngeal muscular dystrophy, amyotrophic lateral sclerosis, and frontotemporal dementia.

Read More: Trade Deficit

Get a free copy of the Zacks research report on Axovant Gene Therapies (AXGT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Axovant Gene Therapies (NASDAQ:AXGT)

Receive News & Ratings for Axovant Gene Therapies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Axovant Gene Therapies and related companies with MarketBeat.com's FREE daily email newsletter.