Anavex Life Sciences (NASDAQ:AVXL) Stock Price Down 5.8% – Time to Sell?

Anavex Life Sciences Corp. (NASDAQ:AVXL)’s stock price dropped 5.8% on Monday . The stock traded as low as $8.46 and last traded at $8.73. Approximately 1,229,957 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 1,803,533 shares. The stock had previously closed at $9.27.

Wall Street Analyst Weigh In

AVXL has been the subject of several analyst reports. D. Boral Capital reiterated a “buy” rating and set a $46.00 price objective on shares of Anavex Life Sciences in a research report on Tuesday, January 28th. HC Wainwright reissued a “buy” rating and set a $42.00 target price on shares of Anavex Life Sciences in a research note on Tuesday, January 28th.

Anavex Life Sciences Price Performance

The company has a market cap of $732.84 million, a PE ratio of -16.62 and a beta of 0.69. The stock has a fifty day moving average price of $9.99 and a 200-day moving average price of $7.57.

Anavex Life Sciences (NASDAQ:AVXL) last issued its earnings results on Monday, December 23rd. The biotechnology company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.03. On average, equities analysts anticipate that Anavex Life Sciences Corp. will post -0.73 earnings per share for the current year.

Institutional Trading of Anavex Life Sciences

Several hedge funds and other institutional investors have recently modified their holdings of the company. Nwam LLC acquired a new position in Anavex Life Sciences in the 3rd quarter worth about $5,172,000. Barclays PLC raised its position in Anavex Life Sciences by 70.4% during the third quarter. Barclays PLC now owns 155,179 shares of the biotechnology company’s stock valued at $882,000 after acquiring an additional 64,101 shares in the last quarter. Geode Capital Management LLC lifted its stake in Anavex Life Sciences by 2.8% in the third quarter. Geode Capital Management LLC now owns 1,883,199 shares of the biotechnology company’s stock valued at $10,699,000 after acquiring an additional 51,946 shares during the last quarter. Squarepoint Ops LLC bought a new stake in Anavex Life Sciences in the second quarter worth approximately $191,000. Finally, Marshall Wace LLP acquired a new position in shares of Anavex Life Sciences during the 2nd quarter worth $166,000. 31.55% of the stock is currently 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.