Zacks Investment Research upgraded shares of Anavex Life Sciences Corp. (NASDAQ:AVXL) from a hold rating to a buy rating in a research report sent to investors on Monday morning. The firm currently has $4.75 target price on the biotechnology company’s stock.

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. “

Several other brokerages have also recently weighed in on AVXL. Noble Financial reiterated a buy rating on shares of Anavex Life Sciences Corp. in a research note on Sunday, May 14th. ValuEngine upgraded shares of Anavex Life Sciences Corp. from a sell rating to a hold rating in a research note on Thursday, August 3rd. Finally, Maxim Group set a $15.00 price target on shares of Anavex Life Sciences Corp. and gave the stock a buy rating in a research note on Monday, May 22nd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $11.44.

Shares of Anavex Life Sciences Corp. (AVXL) opened at 4.44 on Monday. Anavex Life Sciences Corp. has a 52-week low of $2.43 and a 52-week high of $6.64. The firm’s 50 day moving average price is $4.28 and its 200 day moving average price is $5.37. The stock’s market cap is $187.24 million.

Anavex Life Sciences Corp. (NASDAQ:AVXL) last issued its quarterly earnings results on Monday, August 7th. The biotechnology company reported ($0.09) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.09). On average, analysts expect that Anavex Life Sciences Corp. will post ($0.38) EPS for the current year.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in AVXL. State Street Corp boosted its position in Anavex Life Sciences Corp. by 27.2% in the fourth quarter. State Street Corp now owns 391,065 shares of the biotechnology company’s stock worth $1,549,000 after buying an additional 83,716 shares during the period. Edge Wealth Management LLC boosted its position in Anavex Life Sciences Corp. by 50.0% in the second quarter. Edge Wealth Management LLC now owns 60,000 shares of the biotechnology company’s stock worth $331,000 after buying an additional 20,000 shares during the period. Park West Asset Management LLC boosted its position in Anavex Life Sciences Corp. by 97.5% in the first quarter. Park West Asset Management LLC now owns 2,962,090 shares of the biotechnology company’s stock worth $17,002,000 after buying an additional 1,462,090 shares during the period. Bank of New York Mellon Corp boosted its position in Anavex Life Sciences Corp. by 5.5% in the first quarter. Bank of New York Mellon Corp now owns 111,880 shares of the biotechnology company’s stock worth $642,000 after buying an additional 5,826 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new position in Anavex Life Sciences Corp. during the second quarter worth $106,000. Institutional investors own 24.41% of the company’s stock.

About Anavex Life Sciences Corp.

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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