Axovant Sciences Ltd (NASDAQ: AXGT) is having an incredibly strong day in the market today, and for good reason. The company issued two separate press releases, offering updates with regard to the clinical development of two separate assets.
As you could imagine, the news excited investors who are pushing the stock on a run for the top. Today, we’ll talk about:
- The clinical updates;
- what we’re seeing from AXGT stock as a result; and
- what we’ll be watching for ahead.
AXGT Announces Clinical Updates
As mentioned above, Axovant is having a great day in the market today after providing multiple clinical updates. The updates came by way of two separate press releases, both issued early this morning.
In the first release, AXGT reported three-month data from an investigator-initiated study. In the study, the company is assessing AXO-AAV-GM2 gene therapy in a ptient with advanced infantile Tay-Sachs disease.
This is a rare and fata pediatric neurodegenerative genetic disorder. In the study, the treatment has been provided to one child at 30 months of age. Due to the advanced state of disease, a co-delivered intrathalamic injection of AXO-AAV-GM2 was not administered.
The company said that future patients in the program are expected to be treated earlier in their disease. These patients will be provided with AXO-AAV-GM2 co-delivered into the thalamus bilaterally as well as into the cisterna magna and spinal cord.
In the release, AXGT said that the treatment showed to be generally well-tolerated with no serious adverse event sreported at 3 months. Also, the company said that the patient’s clinical condition remained stable from baseline to month 3 without any clinical deterioration observed through the neorological exam. Moroever, the company said that there was no significant deterioration in the condition from the pre-treatment magnetic resonance imaging of the brain at baseline to the post-treatment MRI at month 3.
In a statement. Dr. Gavin Corcoran, EVP of R&D at AXGT, had the following to offer:
This is the first time a gene therapy has been administered to a child with Tay-Sachs disease, and it is remarkable that we have not only seen good safety and tolerability to date, but also evidence of functional β-Hexosaminidase A enzyme activity.
These encouraging early clinical results suggest that AXO-AAV-GM2 may offer a meaningful treatment option for patients who currently have no approved therapies.
In a separate release, Axovant reported 3-month data from the first dose cohort in the SUNRISE-PD Phase 2 trial. In this trial, the company is assessing AXO-Lenti-PD for the treatment of Parkinson’s disease.
In the release, AXGT said that the data show that the treatment is generally well-tolerated with serious adverse events. Also, the company announced that it aboserved a meaningful improvement in Parkinson’s disease-related motor function limitations.
In a statement, Dr. Gavin Corcoran, EVP of R&D at AXGT, had the following to offer:
Our focus in this first cohort of the SUNRISE-PD study was on the safety and tolerability of AXO-Lenti-PD, as well as the evaluation of efficacy using well-validated, objective measures. These early data support the safety of the lowest dose of AXO-Lenti-PD, similar to what was observed with the earlier generation construct, ProSavin, and also suggest substantially greater biological activity than the highest dose of ProSavin previously tested.
These findings are highly encouraging, and we look forward to advancing to higher dose cohorts where we will explore the full clinical potential of AXO-Lenti-PD in patients with Parkinson’s disease.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to Axovant, the news proved to be incredibly positive.
After all, the company announced strong data from two separate clinical trials assessing treatments in two separate, difficult-to-treat indications. So, it’s not surprising to see that excited investors are pushing the stock on a run for the top.
As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:53), AXGT is trading at $2.14 per share after a gain of $0.66 per share or 44.59% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on AXGT. In particular, we’re interested in following the story surrounding the company’s continued work to bring its pipeline products through development and to the market. We’ll also be looking forward to the company’s presentation at Cowen. Nonetheless, we’ll keep a close eye on the news and bring it to you as it breaks!
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