Axovant Gene Therapies (NASDAQ:AXGT) Downgraded by Zacks Investment Research to Hold

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Zacks Investment Research lowered shares of Axovant Gene Therapies (NASDAQ:AXGT) from a buy rating to a hold rating in a report released on Wednesday morning, Zacks.com reports.

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. “

Several other equities research analysts have also issued reports on AXGT. JMP Securities raised their price target on shares of Axovant Gene Therapies from $8.00 to $28.00 and gave the stock an outperform rating in a research note on Thursday, June 6th. Robert W. Baird upgraded shares of Axovant Gene Therapies from a neutral rating to an outperform rating and decreased their price target for the stock from $16.00 to $13.00 in a research note on Monday. Leerink Swann started coverage on shares of Axovant Gene Therapies in a research note on Friday, June 21st. They set an outperform rating and a $5.79 price target for the company. ValuEngine upgraded shares of Axovant Gene Therapies from a sell rating to a hold rating in a research note on Thursday, August 1st. Finally, Cowen restated a hold rating on shares of Axovant Gene Therapies in a research note on Tuesday, July 9th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of Buy and an average price target of $26.79.

NASDAQ:AXGT traded down $0.05 on Wednesday, hitting $6.71. The stock had a trading volume of 13,446 shares, compared to its average volume of 218,914. The company has a current ratio of 2.63, a quick ratio of 2.63 and a debt-to-equity ratio of 0.41. The firm has a market cap of $149.67 million, a PE ratio of -0.84 and a beta of 1.29. Axovant Gene Therapies has a 1 year low of $3.81 and a 1 year high of $20.80. The firm’s fifty day simple moving average is $6.67.

Axovant Gene Therapies (NASDAQ:AXGT) last posted its quarterly earnings data on Tuesday, June 11th. The company reported ($0.45) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.70) by $1.25. Research analysts expect that Axovant Gene Therapies will post -4.75 EPS for the current fiscal year.

In other news, CEO Pavan Cheruvu purchased 7,500 shares of the business’s stock in a transaction on Friday, June 14th. The stock was purchased at an average cost of $5.21 per share, with a total value of $39,075.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 6.60% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC lifted its holdings in shares of Axovant Gene Therapies by 955.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,221 shares of the company’s stock worth $27,000 after acquiring an additional 3,821 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Axovant Gene Therapies during the 1st quarter worth $272,000. Jane Street Group LLC lifted its holdings in shares of Axovant Gene Therapies by 28.8% during the 2nd 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 during the last quarter. Primecap Management Co. CA bought a new stake in shares of Axovant Gene Therapies during the 1st quarter worth $1,400,000. Finally, BlackRock Inc. bought a new stake in shares of Axovant Gene Therapies during the 2nd quarter worth $1,482,000.

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.

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