Anavex Life Sciences (NASDAQ:AVXL) Shares Gap Up on Earnings Beat

Shares of Anavex Life Sciences Corp. (NASDAQ:AVXL) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $11.18, but opened at $11.52. Anavex Life Sciences shares last traded at $12.35, with a volume of 1,059,424 shares trading hands.

The biotechnology company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.03.

Wall Street Analyst Weigh In

AVXL has been the topic of several research analyst reports. HC Wainwright reissued a “buy” rating and set a $40.00 price target on shares of Anavex Life Sciences in a research note on Wednesday, November 27th. D. Boral Capital restated a “buy” rating and set a $46.00 target price on shares of Anavex Life Sciences in a research report on Monday.

Institutional Investors Weigh In On Anavex Life Sciences

Several hedge funds have recently modified their holdings of the company. SG Americas Securities LLC purchased a new stake in shares of Anavex Life Sciences in the second quarter valued at $57,000. Orion Capital Management LLC grew its holdings in Anavex Life Sciences by 666.7% in the third quarter. Orion Capital Management LLC now owns 11,500 shares of the biotechnology company’s stock valued at $65,000 after purchasing an additional 10,000 shares during the period. PVG Asset Management Corp acquired a new position in Anavex Life Sciences during the third quarter worth approximately $74,000. Atria Investments Inc purchased a new position in Anavex Life Sciences during the third quarter worth approximately $76,000. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Anavex Life Sciences by 97.0% in 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 last quarter. 31.55% of the stock is owned by institutional investors and hedge funds.

Anavex Life Sciences Stock Performance

The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of -24.80 and a beta of 0.73. The business has a fifty day moving average price of $7.80 and a 200 day moving average price of $6.24.

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.