Axovant Gene Therapies (NASDAQ:AXGT) Shares Up 6.1% Following Strong Earnings

Axovant Gene Therapies Ltd (NASDAQ:AXGT)’s share price shot up 6.1% during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $4.26 and last traded at $4.18. 915,448 shares changed hands during mid-day trading, an increase of 206% from the average session volume of 299,533 shares. The stock had previously closed at $3.94.

The company reported ($0.45) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.70) by $1.25.

AXGT has been the subject of several research reports. Guggenheim initiated coverage on shares of Axovant Gene Therapies in a research note on Friday, February 15th. They issued a “buy” rating and a $56.00 price target for the company. HC Wainwright reiterated a “buy” rating and issued a $56.00 price target on shares of Axovant Gene Therapies in a research note on Tuesday, March 12th. ValuEngine upgraded shares of Axovant Gene Therapies from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 9th. JMP Securities increased their price target on shares of Axovant Gene Therapies from $8.00 to $28.00 and gave the stock an “outperform” rating in a research note on Thursday, June 6th. Finally, Cowen restated a “hold” rating on shares of Axovant Gene Therapies in a research note on Wednesday, May 1st. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $36.20.

Institutional investors and hedge funds have recently bought and sold shares of the stock. ExodusPoint Capital Management LP purchased a new position in shares of Axovant Gene Therapies in the first quarter worth approximately $41,000. Jane Street Group LLC purchased a new position in Axovant Gene Therapies during the first quarter valued at approximately $48,000. Marshall Wace LLP purchased a new position in Axovant Gene Therapies during the first quarter valued at approximately $272,000. Morgan Stanley purchased a new position in Axovant Gene Therapies during the first quarter valued at approximately $291,000. Finally, Macquarie Group Ltd. purchased a new position in Axovant Gene Therapies during the first quarter valued at approximately $1,150,000.

The stock has a market cap of $89.75 million, a PE ratio of -0.25 and a beta of 1.39. The company has a debt-to-equity ratio of 1.24, a quick ratio of 2.02 and a current ratio of 2.02.

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Axovant Gene Therapies Company Profile (NASDAQ:AXGT)

Axovant Gene Therapies Ltd., a clinical-stage gene therapy company, focuses on developing a pipeline of product candidates for debilitating neurological and neuromuscular diseases. The company's current pipeline of gene therapy candidates targets GM1 gangliosidosis, GM2 gangliosidosis, Parkinson's disease, oculopharyngeal muscular dystrophy, amyotrophic lateral sclerosis, and frontotemporal dementia.

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