Anavex Life Sciences (NASDAQ:AVXL) Shares Gap Up After Earnings Beat

Anavex Life Sciences Corp. (NASDAQ:AVXL)’s stock price gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $11.18, but opened at $11.52. Anavex Life Sciences shares last traded at $12.35, with a volume of 1,059,424 shares.

The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.03.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on AVXL shares. HC Wainwright restated a “buy” rating and set a $40.00 target price on shares of Anavex Life Sciences in a research note on Wednesday, November 27th. D. Boral Capital restated a “buy” rating and issued a $46.00 price objective on shares of Anavex Life Sciences in a research report on Monday.

Institutional Investors Weigh In On Anavex Life Sciences

A number of institutional investors have recently added to or reduced their stakes in AVXL. Franklin Resources Inc. lifted its holdings in shares of Anavex Life Sciences by 6.7% in the third quarter. Franklin Resources Inc. now owns 58,557 shares of the biotechnology company’s stock worth $317,000 after buying an additional 3,674 shares in the last quarter. PVG Asset Management Corp purchased a new stake in Anavex Life Sciences in the 3rd quarter worth $74,000. Barclays PLC boosted its holdings in shares of Anavex Life Sciences by 70.4% during the 3rd quarter. Barclays PLC now owns 155,179 shares of the biotechnology company’s stock valued at $882,000 after purchasing an additional 64,101 shares during the last quarter. Orion Capital Management LLC grew its position in shares of Anavex Life Sciences by 666.7% during the third quarter. Orion Capital Management LLC now owns 11,500 shares of the biotechnology company’s stock valued at $65,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Anavex Life Sciences by 2.8% in the third quarter. Geode Capital Management LLC now owns 1,883,199 shares of the biotechnology company’s stock worth $10,699,000 after purchasing an additional 51,946 shares during the last quarter. 31.55% of the stock is owned by hedge funds and other institutional investors.

Anavex Life Sciences Price Performance

The business has a 50-day moving average of $8.02 and a 200 day moving average of $6.32. The company has a market capitalization of $921.73 million, a PE ratio of -21.74 and a beta of 0.73.

Anavex Life Sciences Company Profile

Anavex Life Sciences Corp., a clinical stage biopharmaceutical company, engages in the development of therapeutics for the treatment of central nervous system diseases. Its lead product candidate is ANAVEX 2-73 for the treatment of Alzheimer's disease and Parkinson's disease, as well as other central nervous system diseases, including rare diseases, such as Rett syndrome, a rare severe neurological monogenic disorder; and infantile spasms, Fragile X syndrome, and Angelman syndrome.