Anavex Life Sciences (NASDAQ:AVXL) Sets New 12-Month High After Earnings Beat

Anavex Life Sciences Corp. (NASDAQ:AVXL)’s stock price reached a new 52-week high during mid-day trading on Monday following a better than expected earnings announcement. The company traded as high as $11.50 and last traded at $11.13, with a volume of 2600190 shares. The stock had previously closed at $8.63.

The biotechnology company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.03.

Analysts Set New Price Targets

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

Institutional Trading of Anavex Life Sciences

Hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. grew its stake in shares of Anavex Life Sciences by 6.7% during the third quarter. Franklin Resources Inc. now owns 58,557 shares of the biotechnology company’s stock valued at $317,000 after acquiring an additional 3,674 shares in the last quarter. PVG Asset Management Corp acquired a new stake in Anavex Life Sciences during the 3rd quarter valued at approximately $74,000. Barclays PLC increased its holdings in Anavex Life Sciences by 70.4% during the 3rd quarter. Barclays PLC now owns 155,179 shares of the biotechnology company’s stock worth $882,000 after purchasing an additional 64,101 shares during the last quarter. Orion Capital Management LLC raised its position in shares of Anavex Life Sciences by 666.7% in the 3rd quarter. Orion Capital Management LLC now owns 11,500 shares of the biotechnology company’s stock valued at $65,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Anavex Life Sciences by 2.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,883,199 shares of the biotechnology company’s stock valued at $10,699,000 after buying an additional 51,946 shares during the last quarter. Hedge funds and other institutional investors own 31.55% of the company’s stock.

Anavex Life Sciences Price Performance

The firm has a market cap of $943.78 million, a price-to-earnings ratio of -22.26 and a beta of 0.73. The business’s 50-day moving average price is $7.69 and its two-hundred day moving average price is $6.19.

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.