Anavex Life Sciences (NASDAQ:AVXL) Shares Gap Up on Earnings Beat

Anavex Life Sciences Corp. (NASDAQ:AVXL)’s share price gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $11.18, but opened at $11.52. Anavex Life Sciences shares last traded at $12.35, with a volume of 1,059,424 shares.

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

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of AVXL. SG Americas Securities LLC bought a new position in shares of Anavex Life Sciences in the 2nd quarter worth approximately $57,000. Bank of New York Mellon Corp increased its holdings 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 valued at $1,184,000 after buying an additional 40,895 shares during the last quarter. Rhumbline Advisers increased its holdings in Anavex Life Sciences by 15.8% during the second quarter. Rhumbline Advisers now owns 119,289 shares of the biotechnology company’s stock valued at $503,000 after buying an additional 16,293 shares during the last quarter. Renaissance Technologies LLC raised its position in Anavex Life Sciences by 483.8% in the second quarter. Renaissance Technologies LLC now owns 466,437 shares of the biotechnology company’s stock worth $1,968,000 after acquiring an additional 386,537 shares during the period. Finally, Marshall Wace LLP purchased a new position in shares of Anavex Life Sciences during the 2nd quarter worth $166,000. Institutional investors own 31.55% of the company’s stock.

Anavex Life Sciences Stock Performance

The business’s 50-day moving average price is $8.02 and its 200-day moving average price is $6.32. The stock has a market cap of $921.73 million, a P/E ratio of -21.74 and a beta of 0.73.

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.