Anavex Life Sciences (NASDAQ:AVXL) Shares Up 8.7% – Time to Buy?

Shares of Anavex Life Sciences Corp. (NASDAQ:AVXL) rose 8.7% on Tuesday . The stock traded as high as $8.10 and last traded at $8.10. Approximately 809,460 shares changed hands during mid-day trading, a decline of 32% from the average daily volume of 1,191,167 shares. The stock had previously closed at $7.45.

Analysts Set New Price Targets

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

Anavex Life Sciences Price Performance

The stock has a market capitalization of $764.90 million, a PE ratio of -18.04 and a beta of 0.60. The business has a 50 day moving average price of $6.32 and a 200 day moving average price of $5.49.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Orion Capital Management LLC lifted 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 valued at $65,000 after purchasing an additional 10,000 shares in the last quarter. Atria Investments Inc bought a new position in shares of Anavex Life Sciences during the third quarter valued at $76,000. SG Americas Securities LLC bought a new position in shares of Anavex Life Sciences during the second quarter valued at $57,000. BNP Paribas Financial Markets lifted its holdings in shares of Anavex Life Sciences by 97.0% during the third quarter. BNP Paribas Financial Markets now owns 15,074 shares of the biotechnology company’s stock valued at $86,000 after purchasing an additional 7,421 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its holdings 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 valued at $93,000 after purchasing an additional 6,366 shares in the last quarter. 31.55% of the stock is owned by institutional investors.

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.