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

Anavex Life Sciences Corp. (NASDAQ:AVXL)’s share price reached a new 52-week high during trading on Monday following a stronger than expected earnings report. The stock traded as high as $11.50 and last traded at $11.13, with a volume of 2600190 shares trading hands. 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.

Analysts Set New Price Targets

AVXL has been the topic of a number of research reports. HC Wainwright reaffirmed a “buy” rating and set a $40.00 target price on shares of Anavex Life Sciences in a research report on Wednesday, November 27th. D. Boral Capital reaffirmed a “buy” rating and issued a $46.00 price objective on shares of Anavex Life Sciences in a research report on Monday.

Institutional Investors Weigh In On Anavex Life Sciences

Several hedge funds have recently modified their holdings of the company. Geode Capital Management LLC lifted its holdings in Anavex Life Sciences by 2.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,883,199 shares of the biotechnology company’s stock valued at $10,699,000 after purchasing an additional 51,946 shares in the last quarter. Nwam LLC acquired a new position in Anavex Life Sciences during the 3rd quarter worth about $5,172,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Anavex Life Sciences by 2.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 665,976 shares of the biotechnology company’s stock valued at $3,783,000 after purchasing an additional 14,892 shares during the period. Renaissance Technologies LLC boosted its position in Anavex Life Sciences by 483.8% in the 2nd quarter. Renaissance Technologies LLC now owns 466,437 shares of the biotechnology company’s stock valued at $1,968,000 after buying an additional 386,537 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in Anavex Life Sciences by 17.1% during the 2nd 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 in the last quarter. 31.55% of the stock is owned by hedge funds and other institutional investors.

Anavex Life Sciences Stock Up 29.5 %

The stock has a 50-day moving average price of $7.69 and a 200 day moving average price of $6.19. The firm has a market capitalization of $948.02 million, a price-to-earnings ratio of -22.36 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.