Anavex Life Sciences (NASDAQ:AVXL) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Anavex Life Sciences (NASDAQ:AVXL) from a sell rating to a hold rating in a research note published on Wednesday morning, Zacks.com reports.

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 research analysts have also commented on AVXL. Dawson James increased their price target on shares of Anavex Life Sciences from $19.00 to $35.00 and gave the stock a buy rating in a research note on Monday, June 21st. HC Wainwright restated a buy rating and set a $39.00 price target (up previously from $25.00) on shares of Anavex Life Sciences in a research note on Monday, June 28th. Cantor Fitzgerald increased their price target on shares of Anavex Life Sciences from $31.00 to $40.00 and gave the stock an overweight rating in a research note on Monday, June 28th. Finally, BTIG Research started coverage on shares of Anavex Life Sciences in a research note on Thursday, September 23rd. They set a buy rating and a $35.00 price target on the stock. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Anavex Life Sciences presently has a consensus rating of Buy and a consensus target price of $30.04.

Anavex Life Sciences stock opened at $17.67 on Wednesday. The firm’s 50 day moving average price is $18.42 and its two-hundred day moving average price is $17.33. Anavex Life Sciences has a twelve month low of $4.30 and a twelve month high of $31.50.

Anavex Life Sciences (NASDAQ:AVXL) last released its quarterly earnings data on Wednesday, August 11th. The biotechnology company reported ($0.14) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.13) by ($0.01). Equities research analysts forecast that Anavex Life Sciences will post -0.52 earnings per share for the current year.

A number of large investors have recently bought and sold shares of AVXL. Rhumbline Advisers grew its stake in Anavex Life Sciences by 11.1% in the 1st quarter. Rhumbline Advisers now owns 50,593 shares of the biotechnology company’s stock valued at $756,000 after buying an additional 5,041 shares during the last quarter. BlackRock Inc. grew its stake in Anavex Life Sciences by 19.5% in the 1st quarter. BlackRock Inc. now owns 4,397,565 shares of the biotechnology company’s stock valued at $65,743,000 after buying an additional 718,802 shares during the last quarter. HighTower Advisors LLC grew its stake in Anavex Life Sciences by 23.8% in the 1st quarter. HighTower Advisors LLC now owns 12,400 shares of the biotechnology company’s stock valued at $185,000 after buying an additional 2,380 shares during the last quarter. New York State Common Retirement Fund grew its stake in Anavex Life Sciences by 35.7% in the 1st quarter. New York State Common Retirement Fund now owns 42,600 shares of the biotechnology company’s stock valued at $637,000 after buying an additional 11,200 shares during the last quarter. Finally, UBS Group AG boosted its holdings in Anavex Life Sciences by 346.7% in the 1st quarter. UBS Group AG now owns 66,604 shares of the biotechnology company’s stock valued at $995,000 after purchasing an additional 51,693 shares during the period. Institutional investors and hedge funds own 28.27% of the company’s stock.

Anavex Life Sciences Company Profile

Anavex Life Sciences Corp. is a clinical stage biopharmaceutical company, which engages in the development of different therapeutics for the treatment of neurodegenerative and neurodevelopmental diseases. Its lead compound, ANAVEX2-73, is being developed to treat Alzheimer’s and Parkinson’s disease and central nervous system diseases, including Rett syndrome.

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