Anavex Life Sciences (NASDAQ:AVXL) Posts Earnings Results, Meets Expectations

Anavex Life Sciences (NASDAQ:AVXL) posted its quarterly earnings data on Tuesday. The biotechnology company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08), FiscalAI reports.

Anavex Life Sciences Trading Down 9.0%

Shares of NASDAQ AVXL opened at $3.24 on Thursday. The firm has a market cap of $300.35 million, a P/E ratio of -21.60 and a beta of 1.15. The business’s 50 day moving average is $2.82 and its 200-day moving average is $3.24. Anavex Life Sciences has a 1-year low of $2.26 and a 1-year high of $10.40.

Wall Street Analysts Forecast Growth

AVXL has been the topic of several recent analyst reports. Weiss Ratings lowered shares of Anavex Life Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 11th. Rodman & Renshaw began coverage on Anavex Life Sciences in a research note on Monday, May 4th. They issued a “buy” rating and a $20.00 price objective on the stock. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $21.33.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AVXL. State Street Corp boosted its holdings in Anavex Life Sciences by 33.4% in the 4th quarter. State Street Corp now owns 4,383,406 shares of the biotechnology company’s stock valued at $15,605,000 after purchasing an additional 1,096,288 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Anavex Life Sciences by 187.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 872,968 shares of the biotechnology company’s stock worth $3,108,000 after purchasing an additional 569,579 shares during the period. Summit Financial LLC increased its holdings in shares of Anavex Life Sciences by 103.3% during the fourth quarter. Summit Financial LLC now owns 903,392 shares of the biotechnology company’s stock worth $3,216,000 after purchasing an additional 459,121 shares during the period. Federated Hermes Inc. acquired a new stake in shares of Anavex Life Sciences in the fourth quarter valued at approximately $1,310,000. Finally, Invesco Ltd. boosted its stake in shares of Anavex Life Sciences by 55.8% in the second quarter. Invesco Ltd. now owns 863,959 shares of the biotechnology company’s stock valued at $7,966,000 after buying an additional 309,605 shares during the period. 31.55% of the stock is owned by institutional investors and hedge funds.

About Anavex Life Sciences

Anavex Life Sciences Corp is a clinical‐stage biopharmaceutical company focused on the development of novel therapeutics for central nervous system (CNS) disorders. The company applies a proprietary drug discovery platform that targets sigma‐1 and muscarinic receptors to modulate cellular stress pathways and support neuronal function. Headquartered in New York City, Anavex is dedicated to advancing treatments for neurodegenerative and neurodevelopmental diseases with high unmet medical need.

The company’s lead product candidate, blarcamesine (ANAVEX2‐73), is a small‐molecule activator of the sigma‐1 receptor currently being evaluated in clinical trials for Alzheimer’s disease and Parkinson’s disease dementia.