Anavex Life Sciences (NASDAQ:AVXL) Stock Price Down 6.3% – Here’s Why

Anavex Life Sciences Corp. (NASDAQ:AVXL) shares dropped 6.3% on Thursday . The company traded as low as $10.56 and last traded at $10.62. Approximately 370,148 shares traded hands during trading, a decline of 83% from the average daily volume of 2,208,671 shares. The stock had previously closed at $11.33.

Analysts Set New Price Targets

A number of research firms have recently commented on AVXL. D. Boral Capital reaffirmed a “buy” rating and set a $46.00 price objective on shares of Anavex Life Sciences in a report on Monday, January 13th. HC Wainwright raised their price objective on shares of 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 Stock Performance

The stock has a market cap of $781.19 million, a P/E ratio of -17.71 and a beta of 0.70. The firm’s 50-day moving average is $9.73 and its two-hundred day moving average is $7.19.

Anavex Life Sciences (NASDAQ:AVXL) last announced its quarterly earnings data on Monday, December 23rd. The biotechnology company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.03. As a group, research analysts forecast that Anavex Life Sciences Corp. will post -0.73 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Fiduciary Alliance LLC bought a new position in Anavex Life Sciences during the fourth quarter worth about $119,000. Orion Capital Management LLC grew its holdings in Anavex Life Sciences by 666.7% during the third quarter. Orion Capital Management LLC now owns 11,500 shares of the biotechnology company’s stock worth $65,000 after purchasing an additional 10,000 shares during the period. PVG Asset Management Corp bought a new position in shares of Anavex Life Sciences during the 3rd quarter worth approximately $74,000. Atria Investments Inc acquired a new position in shares of Anavex Life Sciences in the third quarter valued at $76,000. Finally, BNP Paribas Financial Markets grew its stake 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 buying an additional 7,421 shares during the last quarter. Institutional investors and hedge funds own 31.55% of the company’s stock.

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.