Avanir Pharmaceuticals Inc (NASDAQ:AVNR) is all set on the right path after the successful Phase II clinical trial results of AVP-923. Piper Jaffray, stock analysis firm, upgraded the rating of Avanir Pharmaceuticals to a “positive” with a target price of $17. The shares of Avanir Pharmaceuticals nearly doubled after the positive test result announcement.
Another analysis firm, Jefferies Group, upgraded the rating of Avanir Pharmaceuticals Inc (NASDAQ:AVNR) from “hold” to “buy” with a current target price of $17. If the biopharmaceutical company is to achieve this target, its shares will perform above 36.11% from their last closed price.
Avanir Pharmaceuticals Inc (NASDAQ:AVNR) reported successful trial results for their latest Alzheimer drug AVP-923. All the 220 patients involved in the study reported a positive result against agitation, which is one of the primary symptoms of the disease. It is an excellent outbreak as there are no FDA approved medications available in the market for the treatment of Alzheimer.
Earlier, Avanir Pharmaceuticals Inc (NASDAQ:AVNR) reported revenue of $28.6 million for the quarter ending on June 30, 2014 with a 45% YoY growth. Revenue during the same quarter last year was $19.8 million along with NUEDEXTA® accounting for $26.5 million sales. Other primary sources of revenue include royalties from Abreva® and co-promotion revenues. The net operating expenses for the quarter were $40.5 million against $30.2 million during the same period last year. Avanir Pharmaceuticals Inc (NASDAQ:AVNR) reported net loss of $12.7 million in the quarter.
The shares of Avanir Pharmaceuticals Inc (NASDAQ:AVNR) closed at $12.06 yesterday and the shares of Avanir has witnessed growth of 116.52% in the past 30 days. It has a market capitalization of $1.18 billion with 74% institutional ownership.
This article has been written by Prakash Pandey.