AveXis climbs on latest SMA gene therapy results

Gene therapy company AveXis Inc. (NASDAQ:AVXS) added $11.22 (15%) to $84 on Friday after it said AVXS-101 led to a 100% event-free survival rate in an open-label Phase I study to treat spinal muscular atrophy type 1. The company announced the news Thursday after market hours.

At the Jan. 20 cutoff, all 15 patients were event-free after a single IV infusion of the gene therapy. An event was defined as death or at least 16 hours per day of ventilation support for 14 consecutive days in the absence of acute reversible illness or perioperatively...