Anavex Life Sciences (NASDAQ:AVXL) Shares Down 4.1% - Time to Sell?

Anavex Life Sciences Corp. (NASDAQ:AVXL - Get Free Report)'s stock price fell 4.1% on Friday . The stock traded as low as $8.60 and last traded at $8.65. 481,756 shares traded hands during trading, a decline of 60% from the average session volume of 1,191,203 shares. The stock had previously closed at $9.02.

Wall Street Analyst Weigh In

Separately, HC Wainwright restated a "buy" rating and set a $40.00 target price on shares of Anavex Life Sciences in a research report on Monday, November 4th.

Anavex Life Sciences Price Performance

The firm has a 50-day simple moving average of $6.40 and a two-hundred day simple moving average of $5.53. The company has a market cap of $772.53 million, a PE ratio of -18.22 and a beta of 0.60.

Institutional Investors Weigh In On Anavex Life Sciences

A number of hedge funds and other institutional investors have recently modified their holdings of AVXL. Vanguard Group Inc. boosted its position in Anavex Life Sciences by 1.2% during the first quarter. Vanguard Group Inc. now owns 4,414,682 shares of the biotechnology company's stock worth $22,471,000 after acquiring an additional 54,034 shares during the last quarter. Virtu Financial LLC grew its holdings in Anavex Life Sciences by 87.5% in the 1st quarter. Virtu Financial LLC now owns 40,612 shares of the biotechnology company's stock valued at $207,000 after buying an additional 18,954 shares during the period. Fiduciary Alliance LLC increased its stake in shares of Anavex Life Sciences by 45.2% during the 2nd quarter. Fiduciary Alliance LLC now owns 19,275 shares of the biotechnology company's stock valued at $80,000 after acquiring an additional 6,000 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Anavex Life Sciences during the 2nd quarter worth about $57,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Anavex Life Sciences by 17.1% in the second quarter. Bank of New York Mellon Corp now owns 280,556 shares of the biotechnology company's stock worth $1,184,000 after acquiring an additional 40,895 shares during the last quarter. 31.55% of the stock is currently owned by hedge funds and other institutional investors.

Anavex Life Sciences Company Profile

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.