Anavex Life Sciences (NASDAQ:AVXL) Shares Down 5.8% – Here’s What Happened

Anavex Life Sciences Corp. (NASDAQ:AVXL)’s stock price dropped 5.8% during mid-day trading on Monday . The company traded as low as $8.46 and last traded at $8.73. Approximately 1,229,957 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 1,803,533 shares. The stock had previously closed at $9.27.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on AVXL shares. D. Boral Capital reissued a “buy” rating and set a $46.00 price target on shares of Anavex Life Sciences in a report on Tuesday, January 28th. HC Wainwright restated a “buy” rating and issued a $42.00 price target on shares of Anavex Life Sciences in a research report on Tuesday, January 28th.

Anavex Life Sciences Price Performance

The firm has a market capitalization of $758.29 million, a price-to-earnings ratio of -17.19 and a beta of 0.69. The firm’s 50-day moving average price is $9.98 and its 200 day moving average price is $7.62.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Marshall Wace LLP purchased a new stake in shares of Anavex Life Sciences during the 2nd quarter worth about $166,000. Squarepoint Ops LLC acquired a new stake in Anavex Life Sciences in the 2nd quarter valued at $191,000. AQR Capital Management LLC raised its position in Anavex Life Sciences by 145.8% in the second quarter. AQR Capital Management LLC now owns 45,219 shares of the biotechnology company’s stock valued at $191,000 after purchasing an additional 26,821 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Anavex Life Sciences by 8.5% in the second quarter. The Manufacturers Life Insurance Company now owns 30,510 shares of the biotechnology company’s stock worth $129,000 after buying an additional 2,401 shares during the period. Finally, SG Americas Securities LLC raised its holdings in shares of Anavex Life Sciences by 106.2% during the 3rd quarter. SG Americas Securities LLC now owns 27,706 shares of the biotechnology company’s stock valued at $157,000 after buying an additional 14,272 shares during the period. 31.55% of the stock is currently owned by hedge funds and other institutional investors.

Anavex Life Sciences Company Profile

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.