Anavex Life Sciences (NASDAQ:AVXL) Trading Down 4.1% – Here’s Why

Anavex Life Sciences Corp. (NASDAQ:AVXL) shares were down 4.1% during trading on Friday . The company traded as low as $8.60 and last traded at $8.65. Approximately 481,756 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 1,191,203 shares. The stock had previously closed at $9.02.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reissued a “buy” rating and issued a $40.00 price target on shares of Anavex Life Sciences in a research report on Monday, November 4th.

Anavex Life Sciences Trading Up 0.2 %

The company has a market capitalization of $766.56 million, a PE ratio of -17.72 and a beta of 0.60. The business’s fifty day moving average is $6.32 and its two-hundred day moving average is $5.49.

Institutional Investors Weigh In On Anavex Life Sciences

A number of hedge funds have recently added to or reduced their stakes in AVXL. Nwam LLC purchased a new stake in Anavex Life Sciences during the 3rd quarter valued at $5,172,000. Renaissance Technologies LLC grew its holdings in Anavex Life Sciences by 483.8% during the second quarter. Renaissance Technologies LLC now owns 466,437 shares of the biotechnology company’s stock valued at $1,968,000 after purchasing an additional 386,537 shares during the period. Deerfield Management Company L.P. Series C purchased a new stake in Anavex Life Sciences in the second quarter worth about $346,000. Barclays PLC raised its stake in shares of Anavex Life Sciences by 70.4% in the third quarter. Barclays PLC now owns 155,179 shares of the biotechnology company’s stock worth $882,000 after buying an additional 64,101 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Anavex Life Sciences by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 4,414,682 shares of the biotechnology company’s stock valued at $22,471,000 after buying an additional 54,034 shares in 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.