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Anavex Life Sciences (NASDAQ:AVXL) Trading 11.5% Higher - Here's Why

Anavex Life Sciences logo with Medical background

Anavex Life Sciences Corp. (NASDAQ:AVXL - Get Free Report) shares traded up 11.5% during mid-day trading on Wednesday . The company traded as high as $10.37 and last traded at $10.40. 629,368 shares changed hands during trading, a decline of 47% from the average session volume of 1,181,896 shares. The stock had previously closed at $9.33.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. HC Wainwright reissued a "buy" rating and set a $42.00 price target on shares of Anavex Life Sciences in a research report on Monday, April 7th. D. Boral Capital reissued a "buy" rating and set a $46.00 target price on shares of Anavex Life Sciences in a research report on Monday, April 7th.

View Our Latest Stock Analysis on AVXL

Anavex Life Sciences Stock Performance

The company has a market capitalization of $902.36 million, a P/E ratio of -19.22 and a beta of 0.71. The stock has a 50 day moving average price of $8.53 and a 200 day moving average price of $9.10.

Anavex Life Sciences (NASDAQ:AVXL - Get Free Report) last released its earnings results on Tuesday, May 13th. The biotechnology company reported ($0.13) earnings per share for the quarter, beating analysts' consensus estimates of ($0.16) by $0.03. During the same quarter in the previous year, the firm earned ($0.13) earnings per share. As a group, sell-side analysts expect that Anavex Life Sciences Corp. will post -0.69 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC raised its stake in Anavex Life Sciences by 102.0% in 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. SeaCrest Wealth Management LLC increased its stake in shares of Anavex Life Sciences by 15.0% in the first quarter. SeaCrest Wealth Management LLC now owns 17,600 shares of the biotechnology company's stock worth $151,000 after purchasing an additional 2,300 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Anavex Life Sciences by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 223,131 shares of the biotechnology company's stock valued at $1,914,000 after purchasing an additional 2,882 shares during the period. Vermillion Wealth Management Inc. purchased a new stake in shares of Anavex Life Sciences during the 4th quarter valued at approximately $34,000. Finally, Ameriprise Financial Inc. lifted its position in shares of Anavex Life Sciences by 5.1% during the fourth quarter. Ameriprise Financial Inc. now owns 66,810 shares of the biotechnology company's stock worth $718,000 after acquiring an additional 3,243 shares in the last quarter. Institutional investors own 31.55% of the company's stock.

Anavex Life Sciences Company Profile

(Get Free Report)

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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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