Anavex Life Sciences Shares Rise Following Analyst Upgrade

Shares of Anavex Life Sciences Corp. (NASDAQ:AVXL) saw a significant increase of 6.9% during mid-day trading on Thursday. This uptick followed an upgrade from HC Wainwright, which raised its price target for the stock from $40.00 to $42.00. HC Wainwright has assigned a buy rating to Anavex Life Sciences. During trading, the stock reached a high of $11.74 before settling at $11.62. In total, 298,298 shares changed hands, reflecting a notable decline of 76% compared to the average trading volume of 1,246,375 shares. Prior to this increase, the stock had closed at $10.87.

Recently, D. Boral Capital also reiterated a buy rating for Anavex Life Sciences, setting an ambitious price target of $46.00 in a research report released on Monday.

Institutional Investment Trends

Recent activity among institutional investors and hedge funds indicates growing interest in Anavex Life Sciences. In the second quarter, SG Americas Securities LLC acquired a new position in the company, valued at $57,000. Meanwhile, Orion Capital Management LLC significantly increased its investment by 666.7% in the third quarter, now holding 11,500 shares worth $65,000 after acquiring an additional 10,000 shares. PVG Asset Management Corp also entered a new position valued at approximately $74,000, while Atria Investments Inc acquired shares worth about $76,000 during the same period. Additionally, BNP Paribas Financial Markets boosted its stake in Anavex Life Sciences by 97.0% in the third quarter when it increased its holdings to 15,074 shares valued at $86,000. It is noteworthy that institutional investors and hedge funds collectively own 31.55% of the company's stock.

Stock Performance Overview

Currently, Anavex Life Sciences has a market capitalization of $998.90 million, a price-to-earnings ratio of -23.56, and a beta of 0.73. The stock’s 50-day simple moving average stands at $8.02, while the 200-day simple moving average is at $6.32. The company recently reported its quarterly earnings results on December 23rd, where it reported a loss of ($0.14) earnings per share. This result surpassed analysts’ consensus estimates, which forecasted a loss of ($0.17) by $0.03. Analysts anticipate that Anavex Life Sciences will report a loss of -$0.55 earnings per share for the current fiscal year.

About Anavex Life Sciences

Anavex Life Sciences Corp. is a clinical-stage biopharmaceutical company involved in developing treatments for central nervous system diseases. Its lead product, ANAVEX 2-73, aims to treat Alzheimer’s disease and Parkinson’s disease, along with other central nervous system disorders, including rare conditions such as Rett syndrome, infantile spasms, Fragile X syndrome, and Angelman syndrome.

Anavex, Stocks, Analyst