Anavex Life Sciences (NASDAQ:AVXL) Shares Down 5.7%

Anavex Life Sciences Corp. (NASDAQ:AVXL)’s share price was down 5.7% during mid-day trading on Friday . The stock traded as low as $5.93 and last traded at $5.95. Approximately 339,838 shares changed hands during trading, a decline of 74% from the average daily volume of 1,296,204 shares. The stock had previously closed at $6.31.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on AVXL shares. HC Wainwright reaffirmed a “buy” rating and set a $40.00 price target on shares of Anavex Life Sciences in a report on Thursday, August 1st. EF Hutton Acquisition Co. I raised shares of Anavex Life Sciences to a “strong-buy” rating in a report on Monday, July 22nd.

Anavex Life Sciences Stock Performance

The company has a market capitalization of $515.47 million, a P/E ratio of -11.90 and a beta of 0.63. The firm’s fifty day moving average is $5.19 and its 200-day moving average is $4.86.

Anavex Life Sciences (NASDAQ:AVXL) last posted its earnings results on Tuesday, August 6th. The biotechnology company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. During the same quarter in the prior year, the business earned ($0.14) EPS. As a group, analysts expect that Anavex Life Sciences Corp. will post -0.55 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company lifted its position in shares of Anavex Life Sciences by 8.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,510 shares of the biotechnology company’s stock worth $129,000 after purchasing an additional 2,401 shares during the period. New York State Common Retirement Fund increased its stake in Anavex Life Sciences by 10.0% during the 4th quarter. New York State Common Retirement Fund now owns 29,321 shares of the biotechnology company’s stock valued at $273,000 after purchasing an additional 2,670 shares in the last quarter. Independent Advisor Alliance increased its stake in Anavex Life Sciences by 10.4% during the 4th quarter. Independent Advisor Alliance now owns 47,644 shares of the biotechnology company’s stock valued at $444,000 after purchasing an additional 4,500 shares in the last quarter. Fiduciary Alliance LLC increased its stake in 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 purchasing an additional 6,000 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its stake in Anavex Life Sciences by 66.1% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 15,773 shares of the biotechnology company’s stock valued at $80,000 after purchasing an additional 6,275 shares in the last quarter. Institutional investors and hedge funds own 31.55% of the company’s stock.

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.