Anavex Life Sciences (NASDAQ:AVXL) Shares Up 8.1% – Here’s Why

Shares of Anavex Life Sciences Corp. (NASDAQ:AVXL) were up 8.1% during trading on Friday . The stock traded as high as $9.80 and last traded at $9.76. Approximately 577,913 shares traded hands during trading, a decline of 52% from the average daily volume of 1,204,282 shares. The stock had previously closed at $9.03.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. D. Boral Capital restated a “buy” rating and issued a $46.00 price target on shares of Anavex Life Sciences in a research report on Monday, November 25th. HC Wainwright restated a “buy” rating and issued a $40.00 target price on shares of Anavex Life Sciences in a report on Wednesday.

Anavex Life Sciences Price Performance

The firm’s fifty day simple moving average is $6.75 and its 200 day simple moving average is $5.71. The company has a market capitalization of $802.17 million, a price-to-earnings ratio of -18.92 and a beta of 0.60.

Hedge Funds Weigh In On Anavex Life Sciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Anavex Life Sciences by 1.2% in the first quarter. Vanguard Group Inc. now owns 4,414,682 shares of the biotechnology company’s stock valued at $22,471,000 after purchasing an additional 54,034 shares in the last quarter. Virtu Financial LLC boosted its position in Anavex Life Sciences by 87.5% during the 1st quarter. Virtu Financial LLC now owns 40,612 shares of the biotechnology company’s stock worth $207,000 after acquiring an additional 18,954 shares during the period. Fiduciary Alliance LLC grew its stake in Anavex Life Sciences by 45.2% during the 2nd quarter. Fiduciary Alliance LLC now owns 19,275 shares of the biotechnology company’s stock valued at $80,000 after acquiring an additional 6,000 shares in the last quarter. SG Americas Securities LLC purchased a new position in Anavex Life Sciences during the 2nd quarter valued at about $57,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Anavex Life Sciences by 17.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 280,556 shares of the biotechnology company’s stock valued at $1,184,000 after purchasing an additional 40,895 shares during the period. Institutional investors and hedge funds own 31.55% of the company’s stock.

About Anavex Life Sciences

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.