Anavex Life Sciences (NASDAQ:AVXL) stock is soaring higher on Thursday despite a lack of news concerning the company.
To go with this rising price for AVXL stock is heavy trading of its shares. This has resulted in more than 49 million shares of the stock changing hands as of this writing. For perspective, the company’s daily average trading volume is only about 1.6 million shares,
So what exactly has AVXL stock on the rise today? It looks like the positive momentum is connected to Cassava Sciences (NASDAQ:SAVA). The company recently reported interim results from its study using genetic treatments on patients with Alzheimer’s disease.
Now, let’s take a look at what Anavex Life Sciences is all about and why that news could be pushing AVXL stock higher today.
- Anavex Life Sciences is a pharmaceutical company developing genetic treatments for neurodegenerative diseases and rare diseases without treatments.
- That includes working on treatments for Parkinson’s disease and Alzheimer’s disease.
- The company’s Alzheimer’s disease treatment, Anavex 2-73, is currently in use for a Phase 3 clinical trial.
- The same treatment is also being tested in a Phase 2 clinical trial to treat patients with Parkinson’s disease.
- Its work on Parkinson’s disease has resulted in it getting a grant from the Michael J. Fox Foundation to continue its research.
- Anavex Life Sciences’ similar focus to Cassava Sciences is likely what has shares of AVXL stock on the rise today.
AVXL stock was up 123.4% as of Thursday morning and is up 339.2% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.