Anavex Life Sciences (NASDAQ:AVXL) Upgraded to Buy at Zacks Investment Research

Anavex Life Sciences (NASDAQ:AVXLGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Zacks.com reports. The brokerage currently has a $13.00 target price on the biotechnology company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 15.45% from the company’s current price.

According to Zacks, “ANAVEX LIFE SCIENCES CORP. is an emerging biopharmaceutical company engaged in the discovery and development of novel drug targets for the treatment of cancer and neurological diseases. The company’s proprietary SIGMACEPTOR Discovery Platform involves the rational drug design of compounds that fulfill specific criteria based on unmet market needs and new scientific advances. Selected drug candidates demonstrate high, non-exclusive affinity for sigma receptors, which are involved in the modulation of multiple cellular biochemical signaling pathways. “

Other equities analysts have also issued research reports about the company. StockNews.com started coverage on Anavex Life Sciences in a report on Thursday, March 31st. They issued a “sell” rating on the stock. HC Wainwright reissued a “buy” rating and issued a $42.00 target price on shares of Anavex Life Sciences in a report on Wednesday, March 16th. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Anavex Life Sciences currently has an average rating of “Buy” and an average price target of $33.17.

Shares of Anavex Life Sciences stock traded down $0.07 during trading hours on Tuesday, reaching $11.26. 577,148 shares of the company were exchanged, compared to its average volume of 1,176,139. Anavex Life Sciences has a 1 year low of $9.28 and a 1 year high of $31.50. The stock’s fifty day moving average is $11.60 and its 200 day moving average is $15.59. The firm has a market cap of $857.73 million, a PE ratio of -20.47 and a beta of 0.73.

Anavex Life Sciences (NASDAQ:AVXLGet Rating) last posted its quarterly earnings data on Wednesday, February 9th. The biotechnology company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. During the same period in the previous year, the business posted ($0.12) EPS. As a group, sell-side analysts forecast that Anavex Life Sciences will post -0.91 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Brookstone Capital Management boosted its stake in Anavex Life Sciences by 6.4% in the first quarter. Brookstone Capital Management now owns 14,829 shares of the biotechnology company’s stock valued at $168,000 after acquiring an additional 893 shares in the last quarter. Apella Capital LLC acquired a new position in Anavex Life Sciences in the first quarter valued at $124,000. Barclays PLC acquired a new position in Anavex Life Sciences in the fourth quarter valued at $3,335,000. BlackRock Inc. boosted its stake in Anavex Life Sciences by 18.7% in the fourth quarter. BlackRock Inc. now owns 5,262,666 shares of the biotechnology company’s stock valued at $91,254,000 after acquiring an additional 829,565 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Anavex Life Sciences by 30.6% during the fourth quarter. Wells Fargo & Company MN now owns 127,655 shares of the biotechnology company’s stock worth $2,213,000 after buying an additional 29,915 shares during the period. Institutional investors own 28.61% of the company’s stock.

About Anavex Life Sciences (Get Rating)

Anavex Life Sciences Corp., a clinical stage biopharmaceutical company, engages in the development of drug candidates for the treatment of central nervous system (CNS) diseases. Its lead drug candidate is ANAVEX 2-73, which is in Phase III clinical trial for the treatment of Alzheimer's disease; Phase III clinical trial to treat pediatric patients with Rett syndrome; Phase II clinical trial for the treatment of Parkinson's disease; and preclinical clinical trials to treat epilepsy, infantile spasms, Fragile X syndrome, Angelman syndrome, multiple sclerosis, and tuberous sclerosis complex.

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