Anavex Life Sciences (NASDAQ:AVXL) Shares Gap Up – Here’s What Happened

Anavex Life Sciences Corp. (NASDAQ:AVXL) shares gapped up prior to trading on Thursday . The stock had previously closed at $10.74, but opened at $11.27. Anavex Life Sciences shares last traded at $11.70, with a volume of 1,089,714 shares.

Wall Street Analysts Forecast Growth

AVXL has been the topic of several research analyst reports. D. Boral Capital reiterated a “buy” rating and set a $46.00 price target on shares of Anavex Life Sciences in a research report on Monday, December 23rd. HC Wainwright lifted their target price on Anavex Life Sciences from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, December 26th.

Anavex Life Sciences Price Performance

The company has a market cap of $993.20 million, a P/E ratio of -23.42 and a beta of 0.73. The company has a fifty day simple moving average of $8.61 and a 200-day simple moving average of $6.59.

Anavex Life Sciences (NASDAQ:AVXL) last announced its earnings results on Monday, December 23rd. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.03. On average, analysts anticipate that Anavex Life Sciences Corp. will post -0.55 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of AVXL. JPMorgan Chase & Co. raised its holdings in Anavex Life Sciences by 2.9% during the third quarter. JPMorgan Chase & Co. now owns 42,565 shares of the biotechnology company’s stock valued at $242,000 after buying an additional 1,191 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Anavex Life Sciences by 8.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,510 shares of the biotechnology company’s stock worth $129,000 after purchasing an additional 2,401 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Anavex Life Sciences by 6.7% in the third quarter. Franklin Resources Inc. now owns 58,557 shares of the biotechnology company’s stock worth $317,000 after acquiring an additional 3,674 shares during the last quarter. Private Advisor Group LLC boosted its holdings in Anavex Life Sciences by 10.3% in the 3rd quarter. Private Advisor Group LLC now owns 47,413 shares of the biotechnology company’s stock valued at $269,000 after purchasing an additional 4,442 shares during the period. Finally, China Universal Asset Management Co. Ltd. grew its position in Anavex Life Sciences by 64.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 16,309 shares of the biotechnology company’s stock worth $93,000 after buying an additional 6,366 shares in the last quarter. 31.55% of the stock is owned by institutional investors and hedge funds.

Anavex Life Sciences Company Profile

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.