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Why is Anavex Life Sciences Corporation (AVXL) Stock down?
We've noticed a 7.29% decline in Anavex Life Sciences Corporation (AVXL) stock during the 2024-11-15 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
27 Nov, 2023:
Anavex Life Sciences Corporation Stock (AVXL) dropped by 10.04% from $7.07 to $6.36 in the trading on Monday November 27, 2023. The reasons why AVXL stock down today include:
- Fourth-quarter financial results: Anavex Life Sciences reported a narrower net loss of $10.1 million for the fourth quarter of 2023, compared to $14.3 million in the year-ago quarter. The company's non-cash items decreased to $3.2 million from $6.0 million in the prior-year quarter, resulting in a net loss per share of 12 cents, down from 18 cents.
- Shortage in key pipeline update: Anavex reported pipeline updates that excluded a clear timeline for one of its key development programs for lead drug blarcamesine. Without a specific timeline, the company said it is on track to release topline data from its ANAVEX 2-73-RS-003 Phase 2/3 EXCELLENCE clinical trial for blarcamesine in children with the neurological disorder Rett syndrome.
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