Anavex Life Sciences (NASDAQ:AVXL) Shares Gap Up – Here’s Why

Anavex Life Sciences Corp. (NASDAQ:AVXL)’s share price gapped up before the market opened on Friday . The stock had previously closed at $8.30, but opened at $8.60. Anavex Life Sciences shares last traded at $8.48, with a volume of 193,857 shares changing hands.

Analyst Ratings Changes

A number of research firms have recently weighed in on AVXL. HC Wainwright reissued a “buy” rating and set a $40.00 target price on shares of Anavex Life Sciences in a report on Wednesday, November 27th. D. Boral Capital restated a “buy” rating and issued a $46.00 price target on shares of Anavex Life Sciences in a research report on Monday, November 25th.

Anavex Life Sciences Stock Performance

The stock has a 50 day moving average price of $7.27 and a 200 day moving average price of $5.96.

Hedge Funds Weigh In On Anavex Life Sciences

A number of hedge funds and other institutional investors have recently made changes to their positions in AVXL. SG Americas Securities LLC acquired a new position in shares of Anavex Life Sciences in the second quarter worth approximately $57,000. Bank of New York Mellon Corp lifted its stake 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 period. Rhumbline Advisers lifted its stake in shares of Anavex Life Sciences by 15.8% in the second quarter. Rhumbline Advisers now owns 119,289 shares of the biotechnology company’s stock worth $503,000 after acquiring an additional 16,293 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Anavex Life Sciences by 483.8% in the second quarter. Renaissance Technologies LLC now owns 466,437 shares of the biotechnology company’s stock worth $1,968,000 after acquiring an additional 386,537 shares during the period. Finally, Marshall Wace LLP acquired a new position in shares of Anavex Life Sciences in the second quarter worth approximately $166,000. 31.55% of the stock is owned by institutional investors and hedge funds.

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.