Anavex Life Sciences (NASDAQ:AVXL) Stock Price Down 6.9% - Here's What Happened

Key Points

• Anavex Life Sciences Corp. shares experienced a significant decline of 6.9% during mid-day trading, dropping from a previous close of $12.13 to around $11.29.
• The company received buy ratings from multiple analysts, with price targets set at $46.00 and $42.00 by D. Boral Capital and HC Wainwright, respectively.
• Anavex Life Sciences recently reported earnings of ($0.13) per share, exceeding analysts' expectations of a loss of ($0.16) per share.

Shares of Anavex Life Sciences Corp. (NASDAQ:AVXL - Get Free Report) dropped 6.9% during mid-day trading on Monday . The company traded as low as $11.23 and last traded at $11.29. Approximately 501,458 shares traded hands during trading, a decline of 56% from the average daily volume of 1,132,931 shares. The stock had previously closed at $12.13.

Analyst Ratings Changes

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

Anavex Life Sciences Stock Down 0.9%

The firm has a 50 day moving average of $9.65 and a 200 day moving average of $9.15. The firm has a market cap of $956.70 million, a PE ratio of -20.36 and a beta of 0.72.

Anavex Life Sciences (NASDAQ:AVXL - Get Free Report) last issued its earnings results on Tuesday, May 13th. The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.16) by $0.03. During the same quarter in the prior year, the firm posted ($0.13) EPS. On average, research analysts anticipate that Anavex Life Sciences Corp. will post -0.69 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vermillion Wealth Management Inc. purchased a new position in Anavex Life Sciences in the fourth quarter worth $34,000. Tower Research Capital LLC TRC grew its stake in shares of Anavex Life Sciences by 102.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,383 shares of the biotechnology company's stock valued at $36,000 after buying an additional 1,708 shares during the last quarter. Prudential Financial Inc. bought a new position in shares of Anavex Life Sciences during the fourth quarter valued at about $109,000. E Fund Management Co. Ltd. bought a new position in shares of Anavex Life Sciences during the first quarter valued at about $102,000. Finally, Cetera Investment Advisers bought a new position in shares of Anavex Life Sciences during the fourth quarter valued at about $150,000. 31.55% of the stock is currently owned by hedge funds and other 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.