Anavex Life Sciences (NASDAQ:AVXL) Trading Up 8.5% – Here’s What Happened

Anavex Life Sciences Corp. (NASDAQ:AVXL) shares were up 8.5% during mid-day trading on Monday . The company traded as high as $9.23 and last traded at $9.18. Approximately 524,134 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 1,207,526 shares. The stock had previously closed at $8.46.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. D. Boral Capital reiterated a “buy” rating and set a $46.00 price objective on shares of Anavex Life Sciences in a research report on Monday, November 25th. HC Wainwright reaffirmed a “buy” rating and set a $40.00 target price on shares of Anavex Life Sciences in a research note on Wednesday, November 27th.

Anavex Life Sciences Price Performance

The firm has a market capitalization of $780.97 million, a P/E ratio of -18.42 and a beta of 0.73. The firm has a 50-day moving average price of $7.48 and a two-hundred day moving average price of $6.09.

Institutional Investors Weigh In On Anavex Life Sciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Orion Capital Management LLC grew its stake in 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 worth $65,000 after acquiring an additional 10,000 shares in the last quarter. PVG Asset Management Corp purchased a new stake in shares of Anavex Life Sciences in the third quarter valued at approximately $74,000. Atria Investments Inc bought a new position in Anavex Life Sciences in the third quarter worth approximately $76,000. SG Americas Securities LLC purchased a new position in Anavex Life Sciences during the 2nd quarter worth $57,000. Finally, BNP Paribas Financial Markets raised its position in Anavex Life Sciences by 97.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 15,074 shares of the biotechnology company’s stock valued at $86,000 after purchasing an additional 7,421 shares in the last quarter. Institutional investors own 31.55% of the company’s stock.

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.