Anavex Life Sciences (NASDAQ:AVXL) Stock Price Up 6.3% – Here’s Why

Anavex Life Sciences Corp. (NASDAQ:AVXL)’s share price shot up 6.3% on Tuesday . The stock traded as high as $13.94 and last traded at $13.94. 1,141,135 shares were traded during mid-day trading, a decline of 49% from the average session volume of 2,249,582 shares. The stock had previously closed at $13.11.

Analyst Ratings Changes

A number of brokerages recently commented on AVXL. 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, December 23rd. HC Wainwright lifted their price target on 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 stock’s 50-day moving average price is $9.03 and its 200 day moving average price is $6.79. The firm has a market cap of $1.19 billion, a P/E ratio of -28.14 and a beta of 0.70.

Anavex Life Sciences (NASDAQ:AVXL) last posted its quarterly earnings data on Monday, December 23rd. The biotechnology company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.03. As a group, analysts forecast that Anavex Life Sciences Corp. will post -0.55 EPS for the current fiscal year.

Hedge Funds Weigh In On Anavex Life Sciences

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Barclays PLC raised its stake in Anavex Life Sciences by 70.4% in the third quarter. Barclays PLC now owns 155,179 shares of the biotechnology company’s stock valued at $882,000 after buying an additional 64,101 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Anavex Life Sciences by 2.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 665,976 shares of the biotechnology company’s stock valued at $3,783,000 after acquiring an additional 14,892 shares during the period. Renaissance Technologies LLC lifted its holdings in Anavex Life Sciences by 483.8% during the 2nd quarter. Renaissance Technologies LLC now owns 466,437 shares of the biotechnology company’s stock valued at $1,968,000 after purchasing an additional 386,537 shares during the last quarter. Franklin Resources Inc. boosted its position in Anavex Life Sciences by 6.7% during the third quarter. Franklin Resources Inc. now owns 58,557 shares of the biotechnology company’s stock worth $317,000 after purchasing an additional 3,674 shares during the period. Finally, Nwam LLC acquired a new position in shares of Anavex Life Sciences in the third quarter valued at $5,172,000. 31.55% of the stock is owned by 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.