Anavex Life Sciences Corp. (AVXL) Soars on Parkinson's Drug Data

Anavex Life Sciences Corp. (AVXL) is bouncing back on drug data showing promise for Parkinson's disease

Sep 22, 2016 at 12:35 PM
facebook X logo linkedin


Just one day off an annual low, Anavex Life Sciences Corp. (NASDAQ:AVXL) is popping off today, after the biotech stock announced that its ANAVEX 2-73 drug has shown promise in restoring function in "a classic animal model of Parkinson's disease." The compound has already shown promise in both human subjects as well as in Phase 2a trials for Alzheimer's disease. In the option pits, calls are hot, as AVXL attempts to topple a trendline not conquered since late July.

AVXL is up 27.6% at $3.33 so far today, muscling above the $3 level that acted as support in August. The stock is also on track to close above its 30-day moving average for the first time since its late-July bear gap. Longer term, though, the stock has lost nearly 78% of its value since touching a four-year peak in November, with subsequent rebound attempts halted in the $8 region.

In the option pits, peak open interest sits at the out-of-the-money October 5 call, with just under 2,900 contracts open. This option is also the most popular today, and while volume is light on an absolute basis, AVXL calls are crossing the tape at 16 times the average intraday rate. Some of the call buying at this strike could be hedging action, however. AVXL's short interest -- previously at a record-high -- is down by 21.9% over the last two reporting periods, but shorted shares still account for 10.8% of AVXL's float, which would take 8.3 days of trading to cover, at AVXL's average daily volume. 

Sign up now for Schaeffer's Market Recap to get all the day's big stock movers, must-know technical levels, and top economic stories straight to your inbox.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI