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

Shares of Anavex Life Sciences Corp. (NASDAQ:AVXL) gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. 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 for the quarter, beating the consensus estimate of ($0.17) by $0.03.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. HC Wainwright restated a “buy” rating and set a $40.00 price objective on shares of Anavex Life Sciences in a research report 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.

Hedge Funds Weigh In On Anavex Life Sciences

Several large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in shares of Anavex Life Sciences by 2.8% in 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 purchasing an additional 51,946 shares in the last quarter. Nwam LLC acquired a new stake in Anavex Life Sciences in the 3rd quarter valued at $5,172,000. Charles Schwab Investment Management Inc. lifted 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 purchasing an additional 14,892 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Anavex Life Sciences by 483.8% in the second quarter. Renaissance Technologies LLC now owns 466,437 shares of the biotechnology company’s stock worth $1,968,000 after buying an additional 386,537 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Anavex Life Sciences by 17.1% during 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 buying an additional 40,895 shares during the period. 31.55% of the stock is currently owned by hedge funds and other institutional investors.

Anavex Life Sciences Trading Down 2.8 %

The firm has a 50-day moving average of $7.91 and a 200 day moving average of $6.29. The stock has a market capitalization of $921.73 million, a price-to-earnings ratio of -21.74 and a beta of 0.73.

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.