Brokerages Set Anavex Life Sciences Corp. (NASDAQ:AVXL) PT at $21.33

Anavex Life Sciences Corp. (NASDAQ:AVXL) has earned an average rating of “Hold” from the five analysts that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $21.3333.

AVXL has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of Anavex Life Sciences from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. HC Wainwright restated a “buy” rating and set a $20.00 price objective on shares of Anavex Life Sciences in a research note on Tuesday, February 10th. Rodman & Renshaw initiated coverage on shares of Anavex Life Sciences in a research note on Monday, May 4th. They set a “buy” rating and a $20.00 price objective on the stock. Weiss Ratings upgraded shares of Anavex Life Sciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, May 27th. Finally, D. Boral Capital reaffirmed a “buy” rating and set a $24.00 target price on shares of Anavex Life Sciences in a report on Tuesday, March 31st.

Hedge Funds Weigh In On Anavex Life Sciences

A number of institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE increased its stake in Anavex Life Sciences by 64.7% in the 1st quarter. Bank of America Corp DE now owns 863,150 shares of the biotechnology company’s stock worth $2,650,000 after purchasing an additional 338,961 shares in the last quarter. Quantinno Capital Management LP boosted its position in Anavex Life Sciences by 19.3% during the 1st quarter. Quantinno Capital Management LP now owns 54,547 shares of the biotechnology company’s stock worth $167,000 after acquiring an additional 8,836 shares during the period. Renaissance Technologies LLC boosted its position in Anavex Life Sciences by 988.8% during the 1st quarter. Renaissance Technologies LLC now owns 276,800 shares of the biotechnology company’s stock worth $850,000 after acquiring an additional 251,378 shares during the period. Cetera Investment Advisers boosted its position in Anavex Life Sciences by 26.3% during the 1st quarter. Cetera Investment Advisers now owns 54,137 shares of the biotechnology company’s stock worth $166,000 after acquiring an additional 11,281 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Anavex Life Sciences by 1.6% during the 1st quarter. Bank of New York Mellon Corp now owns 247,849 shares of the biotechnology company’s stock worth $761,000 after acquiring an additional 3,794 shares during the period. Hedge funds and other institutional investors own 31.55% of the company’s stock.

Anavex Life Sciences Stock Performance

Anavex Life Sciences stock opened at $2.79 on Friday. The company has a 50-day simple moving average of $3.15 and a 200-day simple moving average of $3.87. The firm has a market capitalization of $258.55 million, a P/E ratio of -6.07 and a beta of 1.20. Anavex Life Sciences has a one year low of $2.61 and a one year high of $13.99.

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.