Anavex Life Sciences Corporation (AVXL)

Anavex Life Sciences Corporation Stock (AVXL) dropped by 10.04% from $7.07 to $6.36 in the trading on Monday November 27, 2023. The reasons why AVXL stock down today include:

• Fourth-quarter financial results: Anavex Life Sciences reported a narrower net loss of $10.1 million for the fourth quarter of 2023, compared to $14.3 million in the year-ago quarter. The company's non-cash items decreased to $3.2 million from $6.0 million in the prior-year quarter, resulting in a net loss per share of 12 cents, down from 18 cents.
• Shortage in key pipeline update: Anavex reported pipeline updates that excluded a clear timeline for one of its key development programs for lead drug blarcamesine. Without a specific timeline, the company said it is on track to release topline data from its ANAVEX 2-73-RS-003 Phase 2/3 EXCELLENCE clinical trial for blarcamesine in children with the neurological disorder Rett syndrome.