Anavex Life Sciences (NASDAQ:AVXL) Rating Increased to Buy at Zacks Investment Research

Anavex Life Sciences (NASDAQ:AVXLGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Zacks.com reports. The firm currently has a $10.00 price objective on the biotechnology company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 9.89% from the company’s previous close.

According to Zacks, “ANAVEX LIFE SCIENCES CORP. is an emerging biopharmaceutical company engaged in the discovery and development of novel drug targets for the treatment of cancer and neurological diseases. The company’s proprietary SIGMACEPTOR Discovery Platform involves the rational drug design of compounds that fulfill specific criteria based on unmet market needs and new scientific advances. Selected drug candidates demonstrate high, non-exclusive affinity for sigma receptors, which are involved in the modulation of multiple cellular biochemical signaling pathways. “

Several other equities research analysts have also recently weighed in on AVXL. HC Wainwright reaffirmed a “buy” rating and set a $42.00 price objective on shares of Anavex Life Sciences in a research report on Wednesday, March 16th. StockNews.com initiated coverage on shares of Anavex Life Sciences in a research report on Thursday, March 31st. They set a “sell” rating for the company. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Anavex Life Sciences presently has an average rating of “Buy” and an average price target of $32.67.

Shares of Anavex Life Sciences stock traded up $0.06 during trading on Wednesday, reaching $9.10. The company’s stock had a trading volume of 718,766 shares, compared to its average volume of 1,079,782. The business’s 50-day moving average price is $10.53 and its 200-day moving average price is $13.64. The firm has a market cap of $704.42 million, a PE ratio of -15.96 and a beta of 0.93. Anavex Life Sciences has a 52 week low of $7.13 and a 52 week high of $31.50.

Anavex Life Sciences (NASDAQ:AVXLGet Rating) last announced its earnings results on Tuesday, May 10th. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.03. During the same quarter in the prior year, the firm posted ($0.12) earnings per share. On average, equities analysts forecast that Anavex Life Sciences will post -0.87 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of AVXL. FinTrust Capital Advisors LLC acquired a new position in Anavex Life Sciences during the third quarter worth about $44,000. Point72 Hong Kong Ltd acquired a new position in shares of Anavex Life Sciences in the third quarter valued at approximately $64,000. Apella Capital LLC acquired a new position in shares of Anavex Life Sciences in the first quarter valued at approximately $124,000. Dana Investment Advisors Inc. acquired a new position in shares of Anavex Life Sciences in the first quarter valued at approximately $132,000. Finally, Atria Wealth Solutions Inc. acquired a new position in shares of Anavex Life Sciences in the first quarter valued at approximately $136,000. 29.01% of the stock is owned by hedge funds and other institutional investors.

About Anavex Life Sciences (Get Rating)

Anavex Life Sciences Corp., a clinical stage biopharmaceutical company, engages in the development of drug candidates for the treatment of central nervous system (CNS) diseases. Its lead drug candidate is ANAVEX 2-73, which is in Phase III clinical trial for the treatment of Alzheimer's disease; Phase III clinical trial to treat pediatric patients with Rett syndrome; Phase II clinical trial for the treatment of Parkinson's disease; and preclinical clinical trials to treat epilepsy, infantile spasms, Fragile X syndrome, Angelman syndrome, multiple sclerosis, and tuberous sclerosis complex.

Featured Stories

Get a free copy of the Zacks research report on Anavex Life Sciences (AVXL)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Anavex Life Sciences (NASDAQ:AVXL)

Want More Great Investing Ideas?

Receive News & Ratings for Anavex Life Sciences Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Anavex Life Sciences and related companies with MarketBeat.com's FREE daily email newsletter.