Anavex Life Sciences (AVXL) Rating Increased to Buy at Zacks Investment Research
Anavex Life Sciences (NASDAQ:AVXL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The firm currently has a $3.00 target price on the biotechnology company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 13.21% from the stock’s current price.
According to Zacks, “ANAVEX LIFE SCIENCES CORP. is an emerging biopharmaceutical company engaged in the discovery and development of novel drug targets for the treatment of cancer and neurological diseases. The company’s proprietary SIGMACEPTOR Discovery Platform involves the rational drug design of compounds that fulfill specific criteria based on unmet market needs and new scientific advances. Selected drug candidates demonstrate high, non-exclusive affinity for sigma receptors, which are involved in the modulation of multiple cellular biochemical signaling pathways. “
A number of other research firms have also recently issued reports on AVXL. Maxim Group set a $5.00 target price on shares of Anavex Life Sciences and gave the company a “buy” rating in a research note on Thursday, February 8th. Noble Financial reiterated a “buy” rating on shares of Anavex Life Sciences in a research note on Wednesday, February 21st. Finally, Roth Capital initiated coverage on shares of Anavex Life Sciences in a research note on Thursday, March 8th. They issued a “buy” rating and a $6.00 target price for the company. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $7.25.
Anavex Life Sciences (NASDAQ:AVXL) last released its earnings results on Wednesday, February 7th. The biotechnology company reported ($0.09) earnings per share for the quarter. equities analysts predict that Anavex Life Sciences will post -0.41 EPS for the current fiscal year.
A number of hedge funds have recently bought and sold shares of the stock. Millennium Management LLC raised its position in Anavex Life Sciences by 95.2% in the 4th quarter. Millennium Management LLC now owns 44,895 shares of the biotechnology company’s stock worth $145,000 after purchasing an additional 21,895 shares during the last quarter. Deutsche Bank AG raised its position in Anavex Life Sciences by 150.9% in the 4th quarter. Deutsche Bank AG now owns 82,967 shares of the biotechnology company’s stock worth $266,000 after purchasing an additional 49,904 shares during the last quarter. Bank of New York Mellon Corp raised its position in Anavex Life Sciences by 60.3% in the 4th quarter. Bank of New York Mellon Corp now owns 177,938 shares of the biotechnology company’s stock worth $573,000 after purchasing an additional 66,931 shares during the last quarter. Wells Fargo & Company MN raised its position in Anavex Life Sciences by 40.8% in the 3rd quarter. Wells Fargo & Company MN now owns 56,873 shares of the biotechnology company’s stock worth $236,000 after purchasing an additional 16,488 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in Anavex Life Sciences by 37.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,876 shares of the biotechnology company’s stock worth $169,000 after purchasing an additional 8,728 shares during the last quarter. Hedge funds and other institutional investors own 22.75% of the company’s stock.
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Anavex Life Sciences Company Profile
Anavex Life Sciences Corp., is a clinical-stage biopharmaceutical company engaged in the development of drug candidates. The Company’s lead compounds include ANAVEX 2-73, ANAVEX PLUS, a combination of ANAVEX 2-73 with donepezil (Aricept), ANAVEX 19-144, ANAVEX 1-41, ANAVEX 7-1037, ANAVEX 3-71, ANAVEX 1079, ANAVEX 1519 and ANAVEX 1066 being developed to treat Alzheimer’s disease and other central nervous system (CNS) diseases.
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