Anavex Life Sciences (NASDAQ:AVXL) Trading Up 9.4% – Time to Buy?

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

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. HC Wainwright boosted their price target 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. D. Boral Capital reiterated a “buy” rating and issued a $46.00 price objective on shares of Anavex Life Sciences in a report on Monday.

Anavex Life Sciences Stock Performance

The firm has a market cap of $950.79 million, a P/E ratio of -22.42 and a beta of 0.70. The business’s 50-day simple moving average is $9.61 and its 200 day simple moving average is $7.10.

Anavex Life Sciences (NASDAQ:AVXL) last posted its quarterly earnings data on Monday, December 23rd. The biotechnology company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.03. As a group, equities research analysts expect that Anavex Life Sciences Corp. will post -0.55 EPS for the current year.

Hedge Funds Weigh In On Anavex Life Sciences

A number of institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. raised its position in Anavex Life Sciences by 2.9% in the third quarter. JPMorgan Chase & Co. now owns 42,565 shares of the biotechnology company’s stock worth $242,000 after acquiring an additional 1,191 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Anavex Life Sciences by 8.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,510 shares of the biotechnology company’s stock worth $129,000 after purchasing an additional 2,401 shares in the last quarter. Carnegie Investment Counsel raised its holdings in Anavex Life Sciences by 4.7% in the 4th quarter. Carnegie Investment Counsel now owns 76,778 shares of the biotechnology company’s stock worth $825,000 after purchasing an additional 3,445 shares during the period. Franklin Resources Inc. lifted its position in Anavex Life Sciences by 6.7% during the third quarter. Franklin Resources Inc. now owns 58,557 shares of the biotechnology company’s stock valued at $317,000 after purchasing an additional 3,674 shares in the last quarter. Finally, Private Advisor Group LLC grew its holdings in Anavex Life Sciences by 10.3% during the third quarter. Private Advisor Group LLC now owns 47,413 shares of the biotechnology company’s stock valued at $269,000 after purchasing an additional 4,442 shares during the period. Hedge funds and other 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.