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

Anavex Life Sciences Corp. (NASDAQ:AVXL) shares were up 8.1% on Friday . The stock traded as high as $9.80 and last traded at $9.76. Approximately 577,913 shares traded hands during mid-day 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 equities research analysts have recently issued reports on AVXL shares. D. Boral Capital restated a “buy” rating and set a $46.00 price objective on shares of Anavex Life Sciences in a report on Monday, November 25th. HC Wainwright reissued a “buy” rating and issued a $40.00 price target on shares of Anavex Life Sciences in a research note on Wednesday.

Anavex Life Sciences Stock Up 4.8 %

The stock’s 50 day simple moving average is $6.75 and its two-hundred day simple moving average is $5.71. The company has a market cap of $802.17 million, a PE ratio of -18.92 and a beta of 0.60.

Institutional Trading of Anavex Life Sciences

Several large investors have recently added to or reduced their stakes in the business. Nwam LLC bought a new position in shares of Anavex Life Sciences in the third quarter worth $5,172,000. Renaissance Technologies LLC grew its position in Anavex Life Sciences by 483.8% in the 2nd quarter. Renaissance Technologies LLC now owns 466,437 shares of the biotechnology company’s stock valued at $1,968,000 after buying an additional 386,537 shares in the last quarter. Deerfield Management Company L.P. Series C acquired a new position in Anavex Life Sciences during the 2nd quarter valued at about $346,000. Barclays PLC raised its position in shares of Anavex Life Sciences by 70.4% during the 3rd quarter. Barclays PLC now owns 155,179 shares of the biotechnology company’s stock worth $882,000 after buying an additional 64,101 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Anavex Life Sciences by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 4,414,682 shares of the biotechnology company’s stock worth $22,471,000 after acquiring an additional 54,034 shares during the period. 31.55% of the stock is currently owned by institutional investors and hedge funds.

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.