Anavex Life Sciences (NASDAQ:AVXL) Trading Down 4.1% – Here’s Why

Anavex Life Sciences Corp. (NASDAQ:AVXL) dropped 4.1% during mid-day trading on Friday . The company traded as low as $8.60 and last traded at $8.65. Approximately 481,756 shares traded hands during trading, a decline of 60% from the average daily volume of 1,191,203 shares. The stock had previously closed at $9.02.

Analysts Set New Price Targets

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $40.00 target price on shares of Anavex Life Sciences in a report on Monday, November 4th.

Anavex Life Sciences Stock Up 1.0 %

The company’s fifty day moving average price is $6.40 and its two-hundred day moving average price is $5.53. The company has a market cap of $772.53 million, a price-to-earnings ratio of -18.22 and a beta of 0.60.

Hedge Funds Weigh In On Anavex Life Sciences

Several institutional investors have recently bought and sold shares of the business. Orion Capital Management LLC grew its holdings in shares of 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 last quarter. Atria Investments Inc acquired a new stake in Anavex Life Sciences in the 3rd quarter valued at about $76,000. SG Americas Securities LLC bought a new position in shares of Anavex Life Sciences in the second quarter worth about $57,000. BNP Paribas Financial Markets raised its stake in shares of Anavex Life Sciences by 97.0% in the third quarter. BNP Paribas Financial Markets now owns 15,074 shares of the biotechnology company’s stock worth $86,000 after acquiring an additional 7,421 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its position in shares of Anavex Life Sciences by 64.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 16,309 shares of the biotechnology company’s stock worth $93,000 after purchasing an additional 6,366 shares in the last quarter. Institutional investors own 31.55% of the company’s stock.

Anavex Life Sciences Company Profile

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.