Anavex Life Sciences (NASDAQ:AVXL) Stock Price Up 9.4% – What’s Next?

Anavex Life Sciences Corp. (NASDAQ:AVXL)’s stock price rose 9.4% on Wednesday . The stock traded as high as $11.58 and last traded at $11.45. Approximately 555,834 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 2,289,147 shares. The stock had previously closed at $10.47.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. HC Wainwright raised their target price on Anavex Life Sciences from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, December 26th. 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.

Anavex Life Sciences Price Performance

The company has a 50 day simple moving average of $9.73 and a 200-day simple moving average of $7.15. The stock has a market capitalization of $781.19 million, a P/E ratio of -17.71 and a beta of 0.70.

Anavex Life Sciences (NASDAQ:AVXL) last released its quarterly earnings results on Monday, December 23rd. The biotechnology company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.03. As a group, equities analysts forecast that Anavex Life Sciences Corp. will post -0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Anavex Life Sciences

Several institutional investors and hedge funds have recently made changes to their positions in AVXL. Bank of New York Mellon Corp increased its holdings in shares of Anavex Life Sciences by 17.1% in the second quarter. Bank of New York Mellon Corp now owns 280,556 shares of the biotechnology company’s stock worth $1,184,000 after buying an additional 40,895 shares during the period. Rhumbline Advisers raised its position in shares of Anavex Life Sciences by 15.8% in the 2nd quarter. Rhumbline Advisers now owns 119,289 shares of the biotechnology company’s stock worth $503,000 after acquiring an additional 16,293 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Anavex Life Sciences by 483.8% in the 2nd quarter. Renaissance Technologies LLC now owns 466,437 shares of the biotechnology company’s stock valued at $1,968,000 after purchasing an additional 386,537 shares during the period. Marshall Wace LLP bought a new stake in shares of Anavex Life Sciences during the second quarter valued at approximately $166,000. Finally, Squarepoint Ops LLC bought a new position in Anavex Life Sciences in the second quarter worth $191,000. 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.