Anavex Life Sciences (NASDAQ:AVXL) Stock Price Down 4.2% - Should You Sell?

Anavex Life Sciences Corp. (NASDAQ:AVXL - Get Free Report)'s share price dropped 4.2% during mid-day trading on Wednesday . The stock traded as low as $9.20 and last traded at $9.16. Approximately 86,461 shares were traded during trading, a decline of 93% from the average daily volume of 1,180,155 shares. The stock had previously closed at $9.56.

Analysts Set New Price Targets

AVXL has been the subject of several recent analyst reports. HC Wainwright restated a "buy" rating and set a $42.00 price objective on shares of Anavex Life Sciences in a research report on Monday, April 7th. D. Boral Capital reiterated a "buy" rating and set a $46.00 price target on shares of Anavex Life Sciences in a report on Monday, April 7th.

Anavex Life Sciences Stock Down 0.9%

The business has a 50-day simple moving average of $8.51 and a 200-day simple moving average of $9.08. The company has a market cap of $809.31 million, a PE ratio of -17.24 and a beta of 0.68.

Anavex Life Sciences (NASDAQ:AVXL - Get Free Report) last posted its earnings results on Tuesday, May 13th. The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.03. During the same period last year, the business posted ($0.13) EPS. As a group, equities research analysts predict that Anavex Life Sciences Corp. will post -0.69 EPS for the current fiscal year.

Hedge Funds Weigh In On Anavex Life Sciences

A number of hedge funds and other institutional investors have recently bought and sold shares of AVXL. Vermillion Wealth Management Inc. purchased a new position in Anavex Life Sciences during the 4th quarter valued at about $34,000. Tower Research Capital LLC TRC boosted its holdings in Anavex Life Sciences by 102.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,383 shares of the biotechnology company's stock valued at $36,000 after acquiring an additional 1,708 shares during the period. E Fund Management Co. Ltd. acquired a new stake in Anavex Life Sciences in the 1st quarter valued at about $102,000. Prudential Financial Inc. acquired a new stake in Anavex Life Sciences in the 4th quarter valued at about $109,000. Finally, 180 Wealth Advisors LLC acquired a new stake in Anavex Life Sciences in the 1st quarter valued at about $121,000. 31.55% of the stock is currently owned by hedge funds and other institutional investors.

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.