Zacks Investment Research Lowers Anavex Life Sciences (AVXL) to Hold

Anavex Life Sciences (NASDAQ:AVXL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

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. “

A number of other analysts also recently commented on AVXL. HC Wainwright set a $10.00 price objective on shares of Anavex Life Sciences and gave the company a “buy” rating in a report on Tuesday. Maxim Group assumed coverage on shares of Anavex Life Sciences in a report on Monday. They issued a “buy” rating and a $7.00 price objective for the company. Noble Financial set a $7.00 price objective on shares of Anavex Life Sciences and gave the company a “buy” rating in a report on Wednesday, May 16th. Finally, ValuEngine upgraded shares of Anavex Life Sciences from a “sell” rating to a “hold” rating in a report on Wednesday, May 2nd. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Anavex Life Sciences currently has an average rating of “Buy” and an average target price of $6.55.

Shares of Anavex Life Sciences traded up $0.17, hitting $3.32, during mid-day trading on Wednesday, according to Marketbeat. 547,693 shares of the company were exchanged, compared to its average volume of 507,247. Anavex Life Sciences has a 1-year low of $1.85 and a 1-year high of $5.44. The company has a market cap of $148.27 million, a PE ratio of -10.06 and a beta of 0.96.

Anavex Life Sciences (NASDAQ:AVXL) last released its quarterly earnings results on Thursday, May 10th. The biotechnology company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.01). sell-side analysts expect that Anavex Life Sciences will post -0.39 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC raised its holdings in Anavex Life Sciences by 95.2% in the 4th quarter. Millennium Management LLC now owns 44,895 shares of the biotechnology company’s stock valued at $145,000 after acquiring an additional 21,895 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in Anavex Life Sciences by 48.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 76,200 shares of the biotechnology company’s stock valued at $211,000 after acquiring an additional 25,000 shares during the last quarter. Deutsche Bank AG grew its stake in shares of Anavex Life Sciences by 150.9% in the 4th quarter. Deutsche Bank AG now owns 82,967 shares of the biotechnology company’s stock valued at $266,000 after buying an additional 49,904 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Anavex Life Sciences by 60.3% in the 4th quarter. Bank of New York Mellon Corp now owns 177,938 shares of the biotechnology company’s stock valued at $573,000 after buying an additional 66,931 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Anavex Life Sciences by 6.3% in the 1st quarter. Northern Trust Corp now owns 449,761 shares of the biotechnology company’s stock valued at $1,241,000 after buying an additional 26,595 shares during the period. Institutional investors own 23.00% of the company’s stock.

Anavex Life Sciences Company Profile

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

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