Anavex Life Sciences (NASDAQ:AVXL) Sets New 1-Year High After Strong Earnings

Shares of Anavex Life Sciences Corp. (NASDAQ:AVXL) reached a new 52-week high during trading on Monday following a better than expected earnings announcement. The stock traded as high as $11.50 and last traded at $11.13, with a volume of 2600190 shares. The stock had previously closed at $8.63.

The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.03.

Analyst Ratings Changes

Several research analysts recently weighed in on AVXL shares. HC Wainwright restated a “buy” rating and issued a $40.00 price objective on shares of Anavex Life Sciences in a research report on Wednesday, November 27th. D. Boral Capital restated a “buy” rating and set a $46.00 target price on shares of Anavex Life Sciences in a research report on Monday.

Institutional Investors Weigh In On Anavex Life Sciences

A number of institutional investors and hedge funds have recently modified their holdings of AVXL. SG Americas Securities LLC acquired a new position in shares of Anavex Life Sciences in the second quarter valued at $57,000. Orion Capital Management LLC boosted its holdings in shares of Anavex Life Sciences by 666.7% during the 3rd quarter. Orion Capital Management LLC now owns 11,500 shares of the biotechnology company’s stock worth $65,000 after buying an additional 10,000 shares during the period. PVG Asset Management Corp acquired a new position in Anavex Life Sciences in the 3rd quarter valued at about $74,000. Atria Investments Inc acquired a new position in Anavex Life Sciences in the 3rd quarter valued at about $76,000. Finally, BNP Paribas Financial Markets raised its holdings in Anavex Life Sciences by 97.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 15,074 shares of the biotechnology company’s stock valued at $86,000 after acquiring an additional 7,421 shares during the period. 31.55% of the stock is owned by institutional investors.

Anavex Life Sciences Price Performance

The stock has a market capitalization of $921.73 million, a price-to-earnings ratio of -21.74 and a beta of 0.73. The company’s 50-day simple moving average is $7.91 and its 200-day simple moving average is $6.29.

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.