Tocqueville Asset Management L.P. Invests $552,000 in AveXis, Inc. (AVXS)
Tocqueville Asset Management L.P. purchased a new position in shares of AveXis, Inc. (NASDAQ:AVXS) during the second quarter, according to its most recent disclosure with the SEC. The fund purchased 6,720 shares of the company’s stock, valued at approximately $552,000.
Several other hedge funds have also recently made changes to their positions in AVXS. Nationwide Fund Advisors raised its stake in shares of AveXis by 9.0% in the first quarter. Nationwide Fund Advisors now owns 3,444 shares of the company’s stock worth $262,000 after buying an additional 284 shares during the last quarter. American International Group Inc. raised its stake in shares of AveXis by 26.7% in the first quarter. American International Group Inc. now owns 3,521 shares of the company’s stock worth $268,000 after buying an additional 742 shares during the last quarter. Swiss National Bank raised its stake in shares of AveXis by 3.0% in the first quarter. Swiss National Bank now owns 27,400 shares of the company’s stock worth $2,083,000 after buying an additional 800 shares during the last quarter. Seven Bridges Advisors LLC raised its stake in shares of AveXis by 49.4% in the second quarter. Seven Bridges Advisors LLC now owns 2,557 shares of the company’s stock worth $210,000 after buying an additional 846 shares during the last quarter. Finally, Jennison Associates LLC raised its stake in shares of AveXis by 0.5% in the second quarter. Jennison Associates LLC now owns 184,668 shares of the company’s stock worth $15,172,000 after buying an additional 882 shares during the last quarter. Hedge funds and other institutional investors own 94.71% of the company’s stock.
AveXis, Inc. (NASDAQ AVXS) opened at 91.11 on Wednesday. AveXis, Inc. has a 52-week low of $32.31 and a 52-week high of $99.45. The company has a 50 day moving average price of $89.48 and a 200 day moving average price of $76.66. The firm’s market capitalization is $2.91 billion.
AveXis (NASDAQ:AVXS) last issued its quarterly earnings data on Thursday, August 10th. The company reported ($2.07) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.97) by $1.10. During the same quarter in the previous year, the company posted ($0.68) EPS. On average, equities analysts forecast that AveXis, Inc. will post ($5.85) EPS for the current fiscal year.
A number of analysts recently issued reports on the company. Chardan Capital set a $103.00 price target on AveXis and gave the company a “buy” rating in a report on Sunday, June 18th. Sanford C. Bernstein began coverage on AveXis in a report on Thursday, July 27th. They set an “outperform” rating and a $108.00 target price for the company. Instinet began coverage on AveXis in a report on Tuesday. They set a “reduce” rating and a $52.00 target price for the company. Evercore ISI began coverage on AveXis in a report on Wednesday, August 16th. They set an “outperform” rating and a $120.00 target price for the company. Finally, BMO Capital Markets restated a “buy” rating and set a $123.00 target price on shares of AveXis in a report on Friday, August 11th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $95.57.
In related news, VP Sukumar Nagendran sold 1,780 shares of AveXis stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $81.88, for a total value of $145,746.40. Following the sale, the vice president now directly owns 1,780 shares in the company, valued at approximately $145,746.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 5,340 shares of company stock worth $434,872. 18.60% of the stock is currently owned by insiders.
AveXis, Inc is a clinical-stage gene therapy company. The Company operates through the developing and commercializing gene therapy treatments for patients suffering from neurological genetic diseases segment. The Company’s product candidate, AVXS-101, is its gene therapy product candidate that is in a Phase I clinical trial for the treatment of spinal muscular atrophy (SMA) Type 1, which is a genetic disorder characterized by motor neuron loss and associated muscle deterioration.
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