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

Anavex Life Sciences (NASDAQ:AVXLGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday, 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. “

Other analysts have also recently issued research reports about the stock. StockNews.com started coverage on shares of Anavex Life Sciences in a research note on Thursday, March 31st. They issued a “sell” rating on the stock. HC Wainwright restated a “buy” rating and issued a $42.00 target price on shares of Anavex Life Sciences in a report on Wednesday, March 16th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Anavex Life Sciences has a consensus rating of “Buy” and a consensus target price of $32.46.

AVXL stock traded down $0.23 during mid-day trading on Tuesday, hitting $9.04. The company had a trading volume of 675,090 shares, compared to its average volume of 1,083,429. The company has a market capitalization of $699.78 million, a price-to-earnings ratio of -15.86 and a beta of 0.93. Anavex Life Sciences has a 12-month low of $7.13 and a 12-month high of $31.50. The company has a 50-day moving average price of $10.59 and a 200 day moving average price of $13.67.

Anavex Life Sciences (NASDAQ:AVXLGet Rating) last announced its quarterly earnings results on Tuesday, May 10th. The biotechnology company reported ($0.14) 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) earnings per share. On average, research analysts forecast that Anavex Life Sciences will post -0.87 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in AVXL. FinTrust Capital Advisors LLC purchased a new stake in Anavex Life Sciences during the third quarter valued at approximately $44,000. Point72 Hong Kong Ltd purchased a new stake in Anavex Life Sciences during the third quarter valued at approximately $64,000. Apella Capital LLC purchased a new stake in Anavex Life Sciences during the first quarter valued at approximately $124,000. Teacher Retirement System of Texas purchased a new stake in Anavex Life Sciences during the third quarter valued at approximately $182,000. Finally, HighTower Advisors LLC lifted its position in Anavex Life Sciences by 21.2% during the fourth quarter. HighTower Advisors LLC now owns 10,278 shares of the biotechnology company’s stock valued at $178,000 after acquiring an additional 1,800 shares during the last quarter. 29.01% of the stock is owned by hedge funds and other institutional investors.

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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