Anavex Life Sciences (NASDAQ:AVXL) Stock Price Up 6.9% After Analyst Upgrade

Anavex Life Sciences Corp. (NASDAQ:AVXL - Get Free Report)'s share price rose 6.9% during mid-day trading on Thursday after HC Wainwright raised their price target on the stock from $40.00 to $42.00. HC Wainwright currently has a buy rating on the stock. Anavex Life Sciences traded as high as $11.74 and last traded at $11.62. Approximately 298,298 shares traded hands during trading, a decline of 76% from the average daily volume of 1,246,375 shares. The stock had previously closed at $10.87.

Separately, D. Boral Capital reiterated a "buy" rating and issued a $46.00 price target on shares of Anavex Life Sciences in a research note on Monday.

Institutional Trading of Anavex Life Sciences

Several hedge funds have recently added to or reduced their stakes in the company. Orion Capital Management LLC lifted its position in shares of Anavex Life Sciences by 666.7% during the 3rd quarter. Orion Capital Management LLC now owns 11,500 shares of the biotechnology company's stock valued at $65,000 after acquiring an additional 10,000 shares during the period. PVG Asset Management Corp acquired a new position in shares of Anavex Life Sciences during the third quarter worth $74,000. Atria Investments Inc bought a new stake in shares of Anavex Life Sciences in the third quarter worth $76,000. SG Americas Securities LLC acquired a new stake in Anavex Life Sciences in the second quarter valued at $57,000. Finally, BNP Paribas Financial Markets raised its position in Anavex Life Sciences by 97.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 15,074 shares of the biotechnology company's stock worth $86,000 after purchasing an additional 7,421 shares during the last quarter. 31.55% of the stock is owned by institutional investors and hedge funds.

Anavex Life Sciences Trading Up 15.5 %

The stock has a market cap of $1.07 billion, a P/E ratio of -25.12 and a beta of 0.73. The business has a 50-day simple moving average of $8.16 and a 200 day simple moving average of $6.36.

Anavex Life Sciences (NASDAQ:AVXL - Get Free Report) last posted its quarterly earnings data on Monday, December 23rd. The biotechnology company reported ($0.14) EPS for the quarter, beating analysts' consensus estimates of ($0.17) by $0.03. As a group, equities analysts expect that Anavex Life Sciences Corp. will post -0.55 earnings per share for the current year.

About Anavex Life Sciences

Anavex Life Sciences Corp., a clinical stage biopharmaceutical company, engages in the development of therapeutics for the treatment of central nervous system diseases. Its lead product candidate is ANAVEX 2-73 for the treatment of Alzheimer's disease and Parkinson's disease, as well as other central nervous system diseases, including rare diseases, such as Rett syndrome, a rare severe neurological monogenic disorder; and infantile spasms, Fragile X syndrome, and Angelman syndrome.