Anavex Life Sciences (NASDAQ:AVXL) Trading Down 6.3% – What’s Next?

Shares of Anavex Life Sciences Corp. (NASDAQ:AVXL) dropped 6.3% during mid-day trading on Thursday . The company traded as low as $10.56 and last traded at $10.62. Approximately 370,148 shares traded hands during trading, a decline of 83% from the average daily volume of 2,208,671 shares. The stock had previously closed at $11.33.

Analyst Ratings Changes

A number of research firms have recently commented on AVXL. D. Boral Capital reissued a “buy” rating and set a $46.00 target price on shares of Anavex Life Sciences in a research note on Monday. HC Wainwright boosted their price objective on Anavex Life Sciences from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, December 26th.

Anavex Life Sciences Trading Down 10.1 %

The firm has a market capitalization of $864.23 million, a PE ratio of -19.49 and a beta of 0.70. The business has a fifty day moving average price of $9.68 and a two-hundred day moving average price of $7.13.

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

Institutional Investors Weigh In On Anavex Life Sciences

A number of institutional investors have recently modified their holdings of AVXL. Geode Capital Management LLC boosted its holdings in Anavex Life Sciences by 2.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,883,199 shares of the biotechnology company’s stock valued at $10,699,000 after acquiring an additional 51,946 shares during the period. Nwam LLC purchased a new stake in Anavex Life Sciences during the 3rd quarter worth approximately $5,172,000. Charles Schwab Investment Management Inc. boosted its position in Anavex Life Sciences by 2.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 665,976 shares of the biotechnology company’s stock valued at $3,783,000 after buying an additional 14,892 shares during the period. Renaissance Technologies LLC grew its stake in shares of Anavex Life Sciences by 483.8% in the second quarter. Renaissance Technologies LLC now owns 466,437 shares of the biotechnology company’s stock worth $1,968,000 after acquiring an additional 386,537 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake 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 valued at $1,184,000 after acquiring an additional 40,895 shares in the last quarter. 31.55% of the stock is owned by institutional investors and hedge funds.

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.