Anavex Life Sciences (NASDAQ:AVXL) Stock Crosses Above 50 Day Moving Average – Here’s What Happened

Anavex Life Sciences Corp. (NASDAQ:AVXL) shares passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $2.65 and traded as high as $3.44. Anavex Life Sciences shares last traded at $3.39, with a volume of 666,861 shares.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AVXL. Rodman & Renshaw initiated coverage on shares of Anavex Life Sciences in a research note on Monday, May 4th. They issued a “buy” rating and a $20.00 target price on the stock. Weiss Ratings downgraded Anavex Life Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 11th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $21.33.

Anavex Life Sciences Price Performance

The stock has a market cap of $316.00 million, a price-to-earnings ratio of -8.74 and a beta of 1.15. The business’s fifty day simple moving average is $2.67 and its 200 day simple moving average is $3.36.

Anavex Life Sciences (NASDAQ:AVXL) last issued its earnings results on Thursday, July 30th. The biotechnology company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. As a group, equities analysts forecast that Anavex Life Sciences Corp. will post -0.33 EPS for the current fiscal year.

Hedge Funds Weigh In On Anavex Life Sciences

A number of large investors have recently bought and sold shares of the business. Ameriprise Financial Inc. lifted its holdings in shares of Anavex Life Sciences by 1.5% in the second quarter. Ameriprise Financial Inc. now owns 85,990 shares of the biotechnology company’s stock valued at $793,000 after buying an additional 1,233 shares during the period. State of Wyoming acquired a new position in Anavex Life Sciences during the second quarter worth about $26,000. Opus Capital Group LLC grew its holdings in Anavex Life Sciences by 8.6% during the fourth quarter. Opus Capital Group LLC now owns 37,700 shares of the biotechnology company’s stock worth $134,000 after acquiring an additional 3,000 shares during the period. Delta Asset Management LLC TN raised its position in Anavex Life Sciences by 23.1% in the fourth quarter. Delta Asset Management LLC TN now owns 16,000 shares of the biotechnology company’s stock worth $57,000 after acquiring an additional 3,000 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its position in Anavex Life Sciences by 9.9% in the third quarter. BNP Paribas Financial Markets now owns 33,779 shares of the biotechnology company’s stock worth $301,000 after acquiring an additional 3,035 shares in the last quarter. Institutional investors own 31.55% of the company’s stock.

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.