Anavex Life Sciences (NASDAQ:AVXL) Trading Down 6.3% – Should You Sell?

Shares of Anavex Life Sciences Corp. (NASDAQ:AVXL) dropped 6.3% on Thursday . The company traded as low as $10.56 and last traded at $10.62. Approximately 370,148 shares changed 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 Upgrades and Downgrades

AVXL has been the subject of a number of recent research reports. HC Wainwright lifted their price target on shares of 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 reissued a “buy” rating and issued a $46.00 target price on shares of Anavex Life Sciences in a report on Monday.

Anavex Life Sciences Trading Down 10.1 %

The company’s 50 day moving average is $9.68 and its 200 day moving average is $7.13. The stock has a market capitalization of $864.23 million, a price-to-earnings ratio of -19.49 and a beta of 0.70.

Anavex Life Sciences (NASDAQ:AVXL) last issued its quarterly earnings data 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. Analysts anticipate that Anavex Life Sciences Corp. will post -0.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

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

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.