Anavex Life Sciences (NASDAQ:AVXL) Downgraded by Zacks Investment Research to Hold

Anavex Life Sciences (NASDAQ:AVXLGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.

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. “

AVXL has been the subject of several other reports. HC Wainwright reiterated a “buy” rating and issued a $42.00 target price on shares of Anavex Life Sciences in a report on Wednesday, March 16th. StockNews.com began coverage on shares of Anavex Life Sciences in a research report on Thursday, March 31st. They issued a “sell” rating on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Anavex Life Sciences currently has an average rating of “Buy” and a consensus target price of $33.17.

AVXL traded up $0.34 during trading on Wednesday, hitting $11.67. 711,227 shares of the company’s stock were exchanged, compared to its average volume of 1,169,591. The firm has a market cap of $888.96 million, a P/E ratio of -21.22 and a beta of 0.73. The stock has a 50 day moving average price of $11.62 and a 200 day moving average price of $15.56. Anavex Life Sciences has a 1 year low of $9.28 and a 1 year high of $31.50.

Anavex Life Sciences (NASDAQ:AVXLGet Rating) last released its quarterly earnings data on Wednesday, February 9th. The biotechnology company reported ($0.14) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.16) by $0.02. During the same quarter last year, the firm posted ($0.12) earnings per share. Sell-side analysts forecast that Anavex Life Sciences will post -0.91 earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Saturna Capital CORP boosted its position in shares of Anavex Life Sciences by 3.8% in the third quarter. Saturna Capital CORP now owns 13,600 shares of the biotechnology company’s stock valued at $244,000 after acquiring an additional 500 shares during the period. Commonwealth Equity Services LLC boosted its position in shares of Anavex Life Sciences by 1.3% in the third quarter. Commonwealth Equity Services LLC now owns 42,315 shares of the biotechnology company’s stock valued at $759,000 after acquiring an additional 546 shares during the period. UBS Asset Management Americas Inc. boosted its position in shares of Anavex Life Sciences by 0.8% in the third quarter. UBS Asset Management Americas Inc. now owns 68,751 shares of the biotechnology company’s stock valued at $1,234,000 after acquiring an additional 567 shares during the period. SeaCrest Wealth Management LLC boosted its position in shares of Anavex Life Sciences by 4.7% in the third quarter. SeaCrest Wealth Management LLC now owns 14,475 shares of the biotechnology company’s stock valued at $260,000 after acquiring an additional 650 shares during the period. Finally, Brookstone Capital Management raised 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 purchasing an additional 893 shares in the last quarter. Institutional investors own 28.61% of the company’s stock.

Anavex Life Sciences Company Profile (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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