Anavex Life Sciences (NASDAQ:AVXL) Shares Up 6.9% on Analyst Upgrade

Anavex Life Sciences Corp. (NASDAQ:AVXL)’s share price traded 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. 298,298 shares traded hands during trading, a decline of 76% from the average session volume of 1,246,375 shares. The stock had previously closed at $10.87.

Separately, D. Boral Capital reissued a “buy” rating and set a $46.00 price target on shares of Anavex Life Sciences in a research report on Monday.

Hedge Funds Weigh In On Anavex Life Sciences

Institutional investors and hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC bought a new position in shares of Anavex Life Sciences during the second quarter valued at $57,000. Orion Capital Management LLC raised its position in 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 during the last quarter. PVG Asset Management Corp acquired a new position in Anavex Life Sciences during the 3rd quarter worth about $74,000. Atria Investments Inc acquired a new position in Anavex Life Sciences during the 3rd quarter worth about $76,000. Finally, BNP Paribas Financial Markets increased its position in Anavex Life Sciences by 97.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 15,074 shares of the biotechnology company’s stock valued at $86,000 after purchasing an additional 7,421 shares during the period. Institutional investors and hedge funds own 31.55% of the company’s stock.

Anavex Life Sciences Stock Up 8.4 %

The firm has a market cap of $998.90 million, a P/E ratio of -23.56 and a beta of 0.73. The stock’s 50-day simple moving average is $8.02 and its 200 day simple moving average is $6.32.

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