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

Shares of Anavex Life Sciences Corp. (NASDAQ:AVXL) rose 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 were traded during 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 note on Monday.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in AVXL. Orion Capital Management LLC grew its holdings in shares of 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 bought a new stake in Anavex Life Sciences in the third quarter valued at about $74,000. Atria Investments Inc acquired a new position in Anavex Life Sciences in the third quarter worth about $76,000. BNP Paribas Financial Markets lifted its stake in Anavex Life Sciences by 97.0% during the third quarter. BNP Paribas Financial Markets now owns 15,074 shares of the biotechnology company’s stock worth $86,000 after purchasing an additional 7,421 shares during the period. Finally, China Universal Asset Management Co. Ltd. boosted its stake in Anavex Life Sciences by 64.0% in 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 buying an additional 6,366 shares in the last quarter. Institutional investors and hedge funds own 31.55% of the company’s stock.

Anavex Life Sciences Price Performance

The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of -25.12 and a beta of 0.73. The firm has a 50 day simple moving average of $8.16 and a 200-day simple moving average of $6.36.

Anavex Life Sciences (NASDAQ:AVXL) last issued its quarterly earnings data on Monday, December 23rd. The biotechnology company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.03. On average, sell-side analysts forecast that Anavex Life Sciences Corp. will post -0.55 earnings per share for the current fiscal year.

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.