Anavex Life Sciences (NASDAQ:AVXL) Announces Earnings Results

Anavex Life Sciences (NASDAQ:AVXL) issued its earnings results on Tuesday. The biotechnology company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08), FiscalAI reports.

Anavex Life Sciences Stock Down 9.0%

AVXL opened at $3.24 on Thursday. The firm has a market cap of $300.35 million, a price-to-earnings ratio of -21.60 and a beta of 1.15. Anavex Life Sciences has a 52 week low of $2.26 and a 52 week high of $10.40. The business’s 50 day moving average is $2.82 and its two-hundred day moving average is $3.24.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Rodman & Renshaw began coverage on shares of Anavex Life Sciences in a research report on Monday, May 4th. They set a “buy” rating and a $20.00 price target on the stock. Weiss Ratings lowered Anavex Life Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 11th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $21.33.

Hedge Funds Weigh In On Anavex Life Sciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Anavex Life Sciences by 10.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,525 shares of the biotechnology company’s stock valued at $434,000 after purchasing an additional 4,869 shares during the period. Legal & General Group Plc raised its stake in shares of Anavex Life Sciences by 19.0% during the 2nd quarter. Legal & General Group Plc now owns 86,972 shares of the biotechnology company’s stock worth $802,000 after buying an additional 13,886 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Anavex Life Sciences by 6.1% in the 2nd quarter. Rhumbline Advisers now owns 128,370 shares of the biotechnology company’s stock valued at $1,184,000 after buying an additional 7,377 shares during the period. American Century Companies Inc. acquired a new stake in shares of Anavex Life Sciences in the 2nd quarter valued at approximately $135,000. Finally, Prudential Financial Inc. purchased a new stake in shares of Anavex Life Sciences in the second quarter valued at approximately $95,000. Hedge funds and other institutional investors own 31.55% of the company’s stock.

Anavex Life Sciences Company Profile

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.