Earnings Review and Free Research Report: Axovant Sciences Reported Lower than Expected Earnings

LONDON, UK / ACCESSWIRE / June 29, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Axovant Sciences Ltd (NYSE: AXON), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=AXON, following the Company’s reporting of its fourth quarter fiscal 2017 financial results on June 13, 2017. The Hamilton, Bermuda-based Company’s net loss had widened during the reported period. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at: http://protraderdaily.com/register/.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on AXON. With the links below you can directly download the report of your stock of interest free of charge at: http://protraderdaily.com/optin/?symbol=AXON.

Earnings Reviewed

For the fourth fiscal quarter ended March 31, 2017, Axovant Sciences’ research and development expenses were $40.80 million, which included $5.2 million was attributable to non-cash, share-based compensation expense, compared to research and development expenses of $23.44 million in Q4 FY16. For the year ended March 31, 2017, Axovant Sciences’ research and development expenses totaled $134.78 million, which included $19.2 million attributable to non-cash, share-based compensation expense, compared to $76.44 million for FY17.

For Q4 FY17, Axovant Sciences’ general and administrative expenses totaled $12.3 million, which included $3.4 million attributable to non-cash, share-based compensation expense, compared to general and administrative expenses of $7.15 million in the year ago same period. The Company’s general and administrative expenses for the year ended March 31, 2017, were $45.72 million, which included $17.2 million attributable to non-cash, share-based compensation expense, compared to $56.52 million in FY16.

Axovant Sciences’ net loss for the quarter ended March 31, 2017, was $52.83 million, or $0.53 per share, compared to $29.67 million, or $0.30 per share, in the prior year’s same quarter. The results fell short of Wall Street’s expectations for a loss of 51 cents per share.

The Company’s net loss for the year ended March 31, 2017, was $181.96 million, or $1.82 per share, compared to $133.15 million, or $1.41 per share, in the year ago same period.

Cash Matters

Axovant held cash of $212.6 million at March 31, 2017. The Company noted that the net proceeds of approximately $134.2 million from the public offering of common shares completed in April 2017 were not included in the cash balance. Net cash used in operating activities was $112.1 million for the year ended March 31, 2017.

Corporate Update

In April 2017, David T. Hung, M.D. was appointed Chief Executive Officer of Axovant Sciences and a member of the Company’s Board of Directors, while Marion McCourt was appointed President and Chief Operating Officer of Axovant Sciences. In addition, Kathryn E. Falberg and W. Anthony Vernon were appointed as the two new members of the Company’s Board of Directors. In June, Patrick Machado was appointed to the Company’s Board with an effective date of June 15, 2017.

Also in April, 2017, Axovant Sciences closed its underwritten public offering of 7,753,505 of its common shares at a price to the public of $18.54 per common share, including 1,011,326 common shares sold pursuant to the underwriters’ exercise in full of their option to purchase additional common shares. Gross proceeds to Axovant from the offering were approximately $143.7 million, before deducting underwriting discounts and commissions and estimated offering expenses.

Stock Performance

On Wednesday, June 28, 2017, the stock closed the trading session at $24.00, jumping 7.10% from its previous closing price of $22.41. A total volume of 374.43 thousand shares have exchanged hands. Axovant Sciences’ stock price skyrocketed 60.54% in the last three months, 93.24% in the past six months, and 92.62% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 93.24%. At Wednesday’s closing price, the stock’s net capitalization stands at $2.56 billion.

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the “Author”) and is fact checked and reviewed by a third party research service company (the “Reviewer”) represented by a credentialed financial analyst, for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charterholder (the “Sponsor”), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you’re a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily

ReleaseID: 467092