Analysts at Jefferies recently weighed in on Axovant Sciences Ltd (NYSE:AXON), a biotech whose shares have taken off after Dr. David Hung agreed to become the company’s CEO. Traders have been excited over the name due to Hung’s past history at Medivation, a firm Hung founded, led, and helped sell at a substantial premium to Pfizer. Given that Dr. Hung chose Axovant over his many other job offers, many traders think that Axovant’s drugs could be very promising.
Recently, Biren Amin of Jefferies weighed in on the stock after hosting an investor meeting with Dr. David Hung. According to Armin, Dr. Hung is pretty bullish on intepirdine and nelotanserin, both of which could offer substantial opportunity for value creation if study data backs the drugs up. Specifically for intepirdine, Amin thinks Axovant shares could potentially trade for around $80 to $90 per share if the Phase 3 trials show strong improvement in the ADS-cog scale. If the drug shows moderate improvement, Amin thinks Axovant could trade for around $45 to $50. If the data from the trial comes out badly, Axovant shares could decline to the $5 level. Basically, there is still a wide range of outcomes, and Axovant will remain risky/volatile for the foreseeable future. 16.6% of the float is short.
What Does The Smart Money Sentiment Say?
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According to our data, 16 elite funds were long Axovant Sciences Ltd (NYSE:AXON) at the end of December, down 4 funds from the previous quarter.
The Bottom Line
Axovant Sciences Ltd (NYSE:AXON) could go to either $5 or $90 according to recent Jefferies commentary. For more reading, check out ‘11 Cities with Most Doctors Per Capita in America‘.