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

Shares of Anavex Life Sciences Corp. (NASDAQ:AVXL) traded up 8.1% during trading on Friday . The stock traded as high as $8.30 and last traded at $8.26. 993,620 shares traded hands during trading, a decline of 15% from the average session volume of 1,169,619 shares. The stock had previously closed at $7.64.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. EF Hutton Acquisition Co. I raised shares of Anavex Life Sciences to a “strong-buy” rating in a report on Monday, July 22nd. HC Wainwright reaffirmed a “buy” rating and set a $40.00 target price on shares of Anavex Life Sciences in a report on Monday.

Anavex Life Sciences Trading Up 20.9 %

The firm has a market cap of $783.55 million, a P/E ratio of -16.58 and a beta of 0.60. The business’s fifty day simple moving average is $5.71 and its 200-day simple moving average is $5.15.

Anavex Life Sciences (NASDAQ:AVXL) last posted its earnings results on Tuesday, August 6th. The biotechnology company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. During the same quarter in the previous year, the firm earned ($0.14) earnings per share. Analysts anticipate that Anavex Life Sciences Corp. will post -0.55 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Atria Investments Inc purchased a new position in Anavex Life Sciences during the 3rd quarter valued at about $76,000. Balentine LLC purchased a new position in Anavex Life Sciences during the 3rd quarter valued at about $115,000. Forum Financial Management LP purchased a new position in Anavex Life Sciences during the 3rd quarter valued at about $200,000. China Universal Asset Management Co. Ltd. lifted its position 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 during the period. Finally, Private Advisor Group LLC lifted its position in Anavex Life Sciences by 10.3% during the 3rd quarter. Private Advisor Group LLC now owns 47,413 shares of the biotechnology company’s stock valued at $269,000 after acquiring an additional 4,442 shares during the period. 31.55% of the stock is owned by hedge funds and other institutional investors.

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.