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, 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. “

Several other analysts have also recently commented on the company. ValuEngine cut 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 target for the company. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Anavex Life Sciences presently has a consensus rating of Buy and a consensus target price of $9.33.

Anavex Life Sciences stock remained flat at $$2.81 during midday trading on Thursday. The company had a trading volume of 304,047 shares, compared to its average volume of 391,098. The firm has a market capitalization of $144.01 million, a P/E ratio of -7.21 and a beta of 2.27. The company’s 50-day moving average is $3.00 and its 200-day moving average is $2.99. Anavex Life Sciences has a 1 year low of $1.25 and a 1 year high of $4.09.

Anavex Life Sciences (NASDAQ:AVXL) last posted its quarterly earnings results on Wednesday, August 7th. The biotechnology company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.03. As a group, equities research analysts anticipate that Anavex Life Sciences will post -0.63 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. acquired a new position in shares of Anavex Life Sciences in the 2nd quarter valued at about $38,000. Foster Victor Wealth Advisors LLC acquired a new position in Anavex Life Sciences during the 3rd quarter worth approximately $76,000. D. E. Shaw & Co. Inc. acquired a new position in Anavex Life Sciences during the 2nd quarter worth approximately $120,000. Northern Trust Corp lifted its position in 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, Charles Schwab Investment Management Inc. lifted its position 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 acquiring an additional 89,305 shares in the last quarter. 22.34% of the stock is currently owned by institutional investors and hedge funds.

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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