Anavex Life Sciences (NASDAQ:AVXL) Trading 9.4% Higher – Time to Buy?

Anavex Life Sciences Corp. (NASDAQ:AVXL)’s share price traded up 9.4% on Wednesday . The stock traded as high as $11.58 and last traded at $11.45. 555,834 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 2,289,147 shares. The stock had previously closed at $10.47.

Analysts Set New Price Targets

Several brokerages recently weighed in on AVXL. D. Boral Capital reaffirmed a “buy” rating and set a $46.00 price objective on shares of Anavex Life Sciences in a research report on Monday. HC Wainwright increased their target price on shares of Anavex Life Sciences from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, December 26th.

Anavex Life Sciences Price Performance

The firm has a 50 day moving average price of $9.73 and a 200-day moving average price of $7.15. The firm has a market cap of $781.19 million, a price-to-earnings ratio of -17.71 and a beta of 0.70.

Anavex Life Sciences (NASDAQ:AVXL) last issued its earnings results on Monday, December 23rd. The biotechnology company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.03. On average, sell-side analysts expect that Anavex Life Sciences Corp. will post -0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Anavex Life Sciences

Hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC boosted its holdings in shares of Anavex Life Sciences by 2.8% during the third quarter. Geode Capital Management LLC now owns 1,883,199 shares of the biotechnology company’s stock worth $10,699,000 after acquiring an additional 51,946 shares during the period. Nwam LLC acquired a new stake in shares of Anavex Life Sciences in the 3rd quarter valued at approximately $5,172,000. Charles Schwab Investment Management Inc. grew 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 buying an additional 14,892 shares during the last quarter. Renaissance Technologies LLC increased its holdings 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 worth $1,968,000 after purchasing an additional 386,537 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Anavex Life Sciences by 17.1% in 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 last quarter. Institutional investors own 31.55% of the company’s stock.

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.