Anavex Life Sciences (NASDAQ:AVXL) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Anavex Life Sciences (NASDAQ:AVXL) from a sell rating to a hold rating in a report released on Monday, Zacks.com reports. The firm currently has $3.75 target price on the biotechnology company’s stock.

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 research firms have also recently issued reports on AVXL. Janney Montgomery Scott began coverage on Neurotrope in a research report on Tuesday, June 18th. They issued a buy rating and a $14.00 price objective for the company. ValuEngine upgraded Vistra Energy from a hold rating to a buy rating in a research report on Wednesday, July 3rd. Finally, Roth Capital restated a buy rating on shares of Resverlogix in a research report on Thursday, May 23rd. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $8.15.

NASDAQ:AVXL opened at $3.21 on Monday. The business has a fifty day simple moving average of $3.24. 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 released its quarterly earnings data on Wednesday, May 8th. The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.14) by $0.01. As a group, equities analysts expect that Anavex Life Sciences will post -0.68 EPS for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Deutsche Bank AG acquired a new stake in Anavex Life Sciences in the 4th quarter worth about $28,000. Wedbush Securities Inc. acquired a new position in shares of Anavex Life Sciences in the 1st quarter valued at about $43,000. Edge Wealth Management LLC lifted its stake in shares of Anavex Life Sciences by 200.0% in the 1st quarter. Edge Wealth Management LLC now owns 30,000 shares of the biotechnology company’s stock valued at $91,000 after purchasing an additional 20,000 shares in the last quarter. AllSquare Wealth Management LLC lifted its stake in shares of Anavex Life Sciences by 98.3% in the 1st quarter. AllSquare Wealth Management LLC now owns 32,390 shares of the biotechnology company’s stock valued at $99,000 after purchasing an additional 16,060 shares in the last quarter. Finally, Virtu Financial LLC acquired a new position in shares of Anavex Life Sciences in the 1st quarter valued at about $152,000. 14.62% 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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