Anavex Life Sciences (NASDAQ:AVXL) Stock Price Down 3.4% - Should You Sell?

Key Points

• Anavex Life Sciences Corp. (NASDAQ:AVXL) shares fell 3.4% to $10.82, with trading volume down by 68% compared to its average.
• Despite the drop in stock price, analysts from D. Boral Capital and HC Wainwright maintained a "buy" rating, setting target prices of $46.00 and $42.00, respectively.
• The company reported earnings of ($0.13) per share, surpassing expectations and indicating stable performance compared to the previous year.

Shares of Anavex Life Sciences Corp. (NASDAQ:AVXL - Get Free Report) were down 3.4% during trading on Monday . The stock traded as low as $10.68 and last traded at $10.82. Approximately 360,613 shares changed hands during trading, a decline of 68% from the average daily volume of 1,135,819 shares. The stock had previously closed at $11.20.

Wall Street Analysts Forecast Growth

Several analysts recently commented on AVXL shares. D. Boral Capital reaffirmed a "buy" rating and set a $46.00 target price on shares of Anavex Life Sciences in a report on Monday. HC Wainwright reaffirmed a "buy" rating and set a $42.00 target price on shares of Anavex Life Sciences in a report on Monday, April 7th.

Anavex Life Sciences Stock Performance

The stock has a market cap of $924.24 million, a P/E ratio of -19.67 and a beta of 0.80. The stock's fifty day simple moving average is $9.72 and its 200-day simple moving average is $9.14.

Anavex Life Sciences (NASDAQ:AVXL - Get Free Report) last posted its quarterly earnings data 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 company posted ($0.13) earnings per share. As a group, equities research analysts forecast that Anavex Life Sciences Corp. will post -0.69 earnings per share for the current year.

Institutional Trading of Anavex Life Sciences

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Anavex Life Sciences by 4.7% during the 1st quarter. Vanguard Group Inc. now owns 4,902,246 shares of the biotechnology company's stock worth $42,061,000 after acquiring an additional 221,802 shares during the period. Nwam LLC increased its position in Anavex Life Sciences by 9.6% during the 1st quarter. Nwam LLC now owns 1,000,351 shares of the biotechnology company's stock worth $8,583,000 after purchasing an additional 87,300 shares in the last quarter. Northern Trust Corp increased its position in Anavex Life Sciences by 1.6% during the 4th quarter. Northern Trust Corp now owns 706,901 shares of the biotechnology company's stock worth $7,592,000 after purchasing an additional 10,938 shares in the last quarter. Invesco Ltd. increased its position in Anavex Life Sciences by 2,419.8% during the 4th quarter. Invesco Ltd. now owns 615,048 shares of the biotechnology company's stock worth $6,606,000 after purchasing an additional 590,639 shares in the last quarter. Finally, LPL Financial LLC increased its position in Anavex Life Sciences by 482.1% during the 1st quarter. LPL Financial LLC now owns 546,626 shares of the biotechnology company's stock worth $4,690,000 after purchasing an additional 452,723 shares in the last quarter. 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.

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