Anavex Life Sciences (NASDAQ:AVXL) Trading 6.9% Higher After Analyst Upgrade

Shares of Anavex Life Sciences Corp. (NASDAQ:AVXL) were up 6.9% during mid-day 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 changed 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 target price on shares of Anavex Life Sciences in a research report on Monday.

Institutional Trading of Anavex Life Sciences

Hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC raised its holdings in shares of Anavex Life Sciences by 2.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,883,199 shares of the biotechnology company’s stock valued at $10,699,000 after buying an additional 51,946 shares in the last quarter. Nwam LLC bought a new position in Anavex Life Sciences during the third quarter valued at approximately $5,172,000. Charles Schwab Investment Management Inc. raised its stake in shares of Anavex Life Sciences by 2.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 665,976 shares of the biotechnology company’s stock worth $3,783,000 after acquiring an additional 14,892 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Anavex Life Sciences by 483.8% in the 2nd quarter. Renaissance Technologies LLC now owns 466,437 shares of the biotechnology company’s stock worth $1,968,000 after acquiring an additional 386,537 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in 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 worth $1,184,000 after purchasing an additional 40,895 shares during the period. Institutional investors own 31.55% of the company’s stock.

Anavex Life Sciences Price Performance

The firm’s 50 day simple moving average is $8.02 and its two-hundred day simple moving average is $6.32. The firm has a market capitalization of $998.90 million, a P/E ratio of -23.56 and a beta of 0.73.

Anavex Life Sciences (NASDAQ:AVXL) last issued its quarterly earnings data on Monday, December 23rd. The biotechnology company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.03. As a group, equities research analysts forecast that Anavex Life Sciences Corp. will post -0.55 EPS for the current 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.