Anavex Life Sciences (NASDAQ:AVXL) Stock Price Up 6.9% on Analyst Upgrade

Anavex Life Sciences Corp. (NASDAQ:AVXL) shares rose 6.9% during trading on Thursday after HC Wainwright raised their price target on the stock from $40.00 to $42.00. HC Wainwright currently has a buy rating on the stock. Anavex Life Sciences traded as high as $11.74 and last traded at $11.62. Approximately 298,298 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 1,246,375 shares. The stock had previously closed at $10.87.

Separately, D. Boral Capital restated a “buy” rating and set a $46.00 price target on shares of Anavex Life Sciences in a research note on Monday, December 23rd.

Hedge Funds Weigh In On Anavex Life Sciences

Large investors have recently added to or reduced their stakes in the business. Orion Capital Management LLC increased its holdings in Anavex Life Sciences by 666.7% during the 3rd quarter. Orion Capital Management LLC now owns 11,500 shares of the biotechnology company’s stock worth $65,000 after purchasing an additional 10,000 shares in the last quarter. PVG Asset Management Corp purchased a new position in shares of Anavex Life Sciences during the third quarter valued at approximately $74,000. Atria Investments Inc bought a new stake in Anavex Life Sciences during the third quarter worth $76,000. BNP Paribas Financial Markets raised its position in Anavex Life Sciences by 97.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 15,074 shares of the biotechnology company’s stock valued at $86,000 after buying an additional 7,421 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its stake in Anavex Life Sciences by 64.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 16,309 shares of the biotechnology company’s stock valued at $93,000 after acquiring an additional 6,366 shares in the last quarter. Institutional investors own 31.55% of the company’s stock.

Anavex Life Sciences Trading Down 3.6 %

The stock has a market capitalization of $1.03 billion, a PE ratio of -24.22 and a beta of 0.73. The stock’s fifty day simple moving average is $8.29 and its 200-day simple moving average is $6.42.

Anavex Life Sciences (NASDAQ:AVXL) last released its quarterly earnings results on Monday, December 23rd. The biotechnology company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.03. As a group, analysts anticipate that Anavex Life Sciences Corp. will post -0.55 earnings per share for the current fiscal year.

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.