Anavex Life Sciences (NASDAQ:AVXL) Announces Quarterly Earnings Results

Anavex Life Sciences (NASDAQ:AVXL) released its quarterly earnings data on Thursday. The biotechnology company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01, FiscalAI reports.

Anavex Life Sciences Trading Up 3.8%

AVXL stock traded up $0.10 on Thursday, hitting $2.58. The company’s stock had a trading volume of 838,828 shares, compared to its average volume of 1,337,396. The firm has a 50 day moving average of $2.61 and a two-hundred day moving average of $3.46. Anavex Life Sciences has a 1 year low of $2.26 and a 1 year high of $12.68. The stock has a market cap of $239.55 million, a price-to-earnings ratio of -5.62 and a beta of 1.14.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. State of Wyoming acquired a new position in Anavex Life Sciences in the second quarter valued at $26,000. Quarry LP acquired a new position in Anavex Life Sciences in the 3rd quarter valued at about $36,000. Russell Investments Group Ltd. increased its position in Anavex Life Sciences by 11,540.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,984 shares of the biotechnology company’s stock valued at $62,000 after acquiring an additional 6,924 shares during the period. Prudential Financial Inc. purchased a new stake in Anavex Life Sciences during the 2nd quarter valued at approximately $95,000. Finally, Sei Investments Co. acquired a new stake in Anavex Life Sciences during the 2nd quarter worth approximately $107,000. 31.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Rodman & Renshaw began coverage on Anavex Life Sciences in a research report on Monday, May 4th. They set a “buy” rating and a $20.00 target price on the stock. Weiss Ratings cut Anavex Life Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 11th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $21.33.

About Anavex Life Sciences

Anavex Life Sciences Corp is a clinical‐stage biopharmaceutical company focused on the development of novel therapeutics for central nervous system (CNS) disorders. The company applies a proprietary drug discovery platform that targets sigma‐1 and muscarinic receptors to modulate cellular stress pathways and support neuronal function. Headquartered in New York City, Anavex is dedicated to advancing treatments for neurodegenerative and neurodevelopmental diseases with high unmet medical need.

The company’s lead product candidate, blarcamesine (ANAVEX2‐73), is a small‐molecule activator of the sigma‐1 receptor currently being evaluated in clinical trials for Alzheimer’s disease and Parkinson’s disease dementia.