HC Wainwright Reiterates Buy Rating for Anavex Life Sciences (NASDAQ:AVXL)

HC Wainwright reissued their buy rating on shares of Anavex Life Sciences (NASDAQ:AVXL - Free Report) in a report published on Tuesday morning, Benzinga reports. HC Wainwright currently has a $40.00 target price on the biotechnology company's stock.

Anavex Life Sciences Price Performance

Shares of Anavex Life Sciences stock traded down $0.09 during trading on Tuesday, hitting $3.70. 1,608,452 shares of the company's stock traded hands, compared to its average volume of 1,330,056. Anavex Life Sciences has a 1 year low of $3.25 and a 1 year high of $10.45. The stock has a market capitalization of $313.17 million, a P/E ratio of -7.40 and a beta of 0.67. The business has a 50-day simple moving average of $4.05 and a 200-day simple moving average of $5.59.

Anavex Life Sciences (NASDAQ:AVXL - Get Free Report) last issued its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.13) earnings per share for the quarter, hitting the consensus estimate of ($0.13). During the same quarter in the previous year, the firm posted ($0.17) EPS. On average, equities analysts predict that Anavex Life Sciences will post -0.55 earnings per share for the current fiscal year.

Insider Activity at Anavex Life Sciences

In related news, CEO Christopher U. Missling sold 73,380 shares of the business's stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $5.11, for a total value of $374,971.80. Following the transaction, the chief executive officer now directly owns 1,250,210 shares of the company's stock, valued at approximately $6,388,573.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 11.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in AVXL. BNP Paribas Financial Markets increased its stake in Anavex Life Sciences by 34.2% during the fourth quarter. BNP Paribas Financial Markets now owns 111,032 shares of the biotechnology company's stock worth $1,034,000 after acquiring an additional 28,297 shares during the last quarter. Swiss National Bank grew its holdings in Anavex Life Sciences by 2.5% during the 3rd quarter. Swiss National Bank now owns 177,700 shares of the biotechnology company's stock worth $1,164,000 after acquiring an additional 4,400 shares in the last quarter. Premier Path Wealth Partners LLC bought a new position in Anavex Life Sciences during the 4th quarter worth about $116,000. Victory Capital Management Inc. purchased a new stake in shares of Anavex Life Sciences during the fourth quarter valued at about $100,000. Finally, SG Americas Securities LLC raised its position in shares of Anavex Life Sciences by 14.2% in the 4th quarter. SG Americas Securities LLC now owns 307,568 shares of the biotechnology company's stock valued at $2,863,000 after purchasing an additional 38,155 shares during the last quarter. Hedge funds and other institutional investors own 31.55% of the company's stock.

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.