Anavex Life Sciences (NASDAQ:AVXL) Price Target Raised to $42.00

Anavex Life Sciences (NASDAQ:AVXL) had its price objective increased by analysts at HC Wainwright from $40.00 to $42.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s price target suggests a potential upside of 286.38% from the stock’s previous close.

Separately, D. Boral Capital restated a “buy” rating and set a $46.00 price target on shares of Anavex Life Sciences in a report on Monday.

Anavex Life Sciences Stock Performance

Shares of NASDAQ:AVXL opened at $10.87 on Thursday. The firm has a market cap of $921.73 million, a PE ratio of -21.74 and a beta of 0.73. Anavex Life Sciences has a 52 week low of $3.25 and a 52 week high of $12.48. The firm’s fifty day moving average is $8.02 and its 200-day moving average is $6.32.

Anavex Life Sciences (NASDAQ:AVXL) last announced its earnings results on Monday, December 23rd. The biotechnology company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.03. Sell-side analysts forecast that Anavex Life Sciences will post -0.55 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its stake in Anavex Life Sciences by 17.1% during the second quarter. Bank of New York Mellon Corp now owns 280,556 shares of the biotechnology company’s stock worth $1,184,000 after purchasing an additional 40,895 shares during the period. Rhumbline Advisers boosted its holdings in shares of Anavex Life Sciences by 15.8% during the 2nd quarter. Rhumbline Advisers now owns 119,289 shares of the biotechnology company’s stock worth $503,000 after buying an additional 16,293 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Anavex Life Sciences by 483.8% during the 2nd quarter. Renaissance Technologies LLC now owns 466,437 shares of the biotechnology company’s stock worth $1,968,000 after buying an additional 386,537 shares during the period. Marshall Wace LLP bought a new stake in shares of Anavex Life Sciences in the 2nd quarter valued at $166,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Anavex Life Sciences during the 2nd quarter valued at $191,000. 31.55% of the stock is owned by institutional investors.

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.