Axovant Gene Therapies Ltd (NASDAQ:AXGT) was the recipient of a significant decline in short interest in the month of July. As of July 31st, there was short interest totalling 1,061,600 shares, a decline of 17.1% from the June 30th total of 1,280,600 shares. Based on an average daily volume of 662,600 shares, the days-to-cover ratio is currently 1.6 days. Currently, 2.2% of the shares of the company are sold short.
A number of research firms have commented on AXGT. Robert W. Baird raised shares of Axovant Gene Therapies from a “neutral” rating to an “outperform” rating and decreased their price objective for the stock from $16.00 to $13.00 in a report on Monday. Zacks Investment Research raised shares of Axovant Gene Therapies from a “hold” rating to a “strong-buy” rating and set a $5.50 price objective for the company in a report on Friday, June 14th. Cowen reaffirmed a “hold” rating on shares of Axovant Gene Therapies in a report on Tuesday, July 9th. JMP Securities lifted their price objective on shares of Axovant Gene Therapies from $8.00 to $28.00 and gave the stock an “outperform” rating in a report on Thursday, June 6th. Finally, Leerink Swann began coverage on shares of Axovant Gene Therapies in a report on Friday, June 21st. They issued an “outperform” rating and a $5.79 price objective for the company. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $26.79.
Shares of AXGT traded down $0.15 during midday trading on Wednesday, hitting $6.64. 1,414 shares of the stock traded hands, compared to its average volume of 431,939. Axovant Gene Therapies has a 1-year low of $3.81 and a 1-year high of $20.80. The company has a market capitalization of $154.00 million, a price-to-earnings ratio of -0.83 and a beta of 1.29. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.63 and a quick ratio of 2.63. The company’s 50 day simple moving average is $6.67.
Axovant Gene Therapies (NASDAQ:AXGT) last announced its quarterly earnings results on Tuesday, June 11th. The company reported ($0.45) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.70) by $1.25. As a group, equities analysts forecast that Axovant Gene Therapies will post -5.34 earnings per share for the current fiscal year.
In other Axovant Gene Therapies news, CEO Pavan Cheruvu acquired 7,500 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was purchased at an average price of $5.21 per share, with a total value of $39,075.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 6.60% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Marshall Wace LLP bought a new stake in shares of Axovant Gene Therapies during the first quarter valued at about $272,000. Sphera Funds Management LTD. bought a new stake in shares of Axovant Gene Therapies during the first quarter valued at about $6,794,000. Primecap Management Co. CA bought a new stake in shares of Axovant Gene Therapies during the first quarter valued at about $1,400,000. BlackRock Inc. bought a new stake in shares of Axovant Gene Therapies during the second quarter valued at about $1,482,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Axovant Gene Therapies by 955.3% during the second quarter. Tower Research Capital LLC TRC now owns 4,221 shares of the company’s stock valued at $27,000 after purchasing an additional 3,821 shares in the last quarter.
About Axovant Gene Therapies
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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