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

Zacks Investment Research upgraded shares of Anavex Life Sciences (NASDAQ:AVXLGet Rating) from a hold rating to a buy rating in a research note released on Friday morning, Zacks.com reports. Zacks Investment Research currently has $8.75 price objective on the biotechnology company’s stock.

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 a number of other research reports. StockNews.com assumed coverage on shares of Anavex Life Sciences in a report on Thursday, March 31st. They issued a sell rating for the company. HC Wainwright reaffirmed a buy rating and issued a $42.00 price objective on shares of Anavex Life Sciences in a report on Wednesday, March 16th. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Buy and a consensus price target of $32.46.

Shares of NASDAQ AVXL traded up $0.84 during midday trading on Friday, reaching $8.59. The company had a trading volume of 856,316 shares, compared to its average volume of 830,831. The business’s 50-day simple moving average is $10.77 and its 200 day simple moving average is $14.23. The stock has a market cap of $660.74 million, a P/E ratio of -15.07 and a beta of 0.93. Anavex Life Sciences has a 1 year low of $7.13 and a 1 year high of $31.50.

Anavex Life Sciences (NASDAQ:AVXLGet Rating) last issued its earnings results on Tuesday, May 10th. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.03. During the same quarter in the previous year, the firm posted ($0.12) EPS. Equities analysts expect that Anavex Life Sciences will post -0.87 EPS for the current year.

Hedge funds have recently modified their holdings of the business. FinTrust Capital Advisors LLC purchased a new position in Anavex Life Sciences during the third quarter worth about $44,000. Point72 Hong Kong Ltd purchased a new position in Anavex Life Sciences during the third quarter worth about $64,000. Apella Capital LLC purchased a new position in Anavex Life Sciences during the first quarter worth about $124,000. Dana Investment Advisors Inc. purchased a new position in Anavex Life Sciences during the first quarter worth about $132,000. Finally, Liberty One Investment Management LLC raised its stake in Anavex Life Sciences by 23.3% during the first quarter. Liberty One Investment Management LLC now owns 13,119 shares of the biotechnology company’s stock worth $161,000 after purchasing an additional 2,479 shares during the period. 29.01% of the stock is currently owned by institutional investors.

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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