Anavex Life Sciences (NASDAQ:AVXL) Shares Up 8.1% – Should You Buy?

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

Analyst Ratings Changes

AVXL has been the subject of several research reports. HC Wainwright restated a “buy” rating and set a $40.00 price objective on shares of Anavex Life Sciences in a research report on Monday, November 4th. EF Hutton Acquisition Co. I upgraded shares of Anavex Life Sciences to a “strong-buy” rating in a report on Monday, July 22nd.

Anavex Life Sciences Trading Up 21.0 %

The stock has a fifty day moving average of $5.77 and a 200-day moving average of $5.20. The firm has a market capitalization of $783.55 million, a price-to-earnings ratio of -18.48 and a beta of 0.60.

Hedge Funds Weigh In On Anavex Life Sciences

A number of institutional investors have recently bought and sold shares of the stock. Jupiter Asset Management Ltd. lifted its stake in Anavex Life Sciences by 675.0% during the first quarter. Jupiter Asset Management Ltd. now owns 804,642 shares of the biotechnology company’s stock valued at $4,096,000 after buying an additional 700,812 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of 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 acquiring an additional 386,537 shares in the last quarter. Deerfield Management Company L.P. Series C acquired a new position in Anavex Life Sciences in the 2nd quarter worth approximately $346,000. Vanguard Group Inc. grew its position in Anavex Life Sciences by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 4,414,682 shares of the biotechnology company’s stock worth $22,471,000 after purchasing an additional 54,034 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new position in Anavex Life Sciences during the 2nd quarter worth approximately $191,000. Hedge funds and other institutional investors own 31.55% of the company’s stock.

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.