Anavex Life Sciences (NASDAQ:AVXL) Downgraded to Hold at Zacks Investment Research

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Zacks Investment Research cut shares of Anavex Life Sciences (NASDAQ:AVXL) from a buy rating to a hold rating in a research note published on Thursday morning, Zacks.com reports.

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. “

Other equities research analysts also recently issued research reports about the company. ValuEngine downgraded Anavex Life Sciences from a buy rating to a hold rating in a report on Wednesday, October 2nd. Dawson James began coverage on Anavex Life Sciences in a report on Wednesday, July 24th. They issued a buy rating and a $16.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Anavex Life Sciences has a consensus rating of Buy and an average price target of $9.33.

AVXL stock opened at $2.81 on Thursday. The company has a market capitalization of $147.95 million, a PE ratio of -7.21 and a beta of 2.27. Anavex Life Sciences has a 12-month low of $1.25 and a 12-month high of $4.09. The business’s fifty day moving average price is $3.00 and its 200 day moving average price is $2.99.

Anavex Life Sciences (NASDAQ:AVXL) last posted its quarterly earnings data on Wednesday, August 7th. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.03. Sell-side analysts expect that Anavex Life Sciences will post -0.63 EPS for the current fiscal year.

Hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. purchased a new stake in Anavex Life Sciences during the 2nd quarter worth about $38,000. Charles Schwab Investment Management Inc. increased its holdings in Anavex Life Sciences by 562.6% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 105,179 shares of the biotechnology company’s stock worth $355,000 after purchasing an additional 89,305 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Anavex Life Sciences by 359.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 133,389 shares of the biotechnology company’s stock worth $449,000 after acquiring an additional 104,372 shares in the last quarter. Northern Trust Corp boosted its position in shares of Anavex Life Sciences by 32.4% during the 2nd quarter. Northern Trust Corp now owns 147,445 shares of the biotechnology company’s stock worth $497,000 after acquiring an additional 36,073 shares in the last quarter. Finally, BlackRock Inc. boosted its position in shares of Anavex Life Sciences by 1,145.6% during the 2nd quarter. BlackRock Inc. now owns 2,812,421 shares of the biotechnology company’s stock worth $9,477,000 after acquiring an additional 2,586,635 shares in the last quarter. Hedge funds and other institutional investors own 22.34% of the company’s stock.

About Anavex Life Sciences

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

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