Anavex Life Sciences (NASDAQ:AVXL) Hits New 52-Week High After Earnings Beat

Shares of Anavex Life Sciences Corp. (NASDAQ:AVXL) reached a new 52-week high during mid-day trading on Monday after the company announced better than expected quarterly earnings. The company traded as high as $11.50 and last traded at $11.13, with a volume of 2600190 shares traded. The stock had previously closed at $8.63.

The biotechnology company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.03.

Wall Street Analyst Weigh In

AVXL has been the subject of a number of recent research reports. HC Wainwright reaffirmed a “buy” rating and set a $40.00 price objective on shares of Anavex Life Sciences in a research report on Wednesday, November 27th. D. Boral Capital reaffirmed a “buy” rating and set a $46.00 target price on shares of Anavex Life Sciences in a report on Monday.

Hedge Funds Weigh In On Anavex Life Sciences

Several hedge funds and other institutional investors have recently modified their holdings of the company. Nwam LLC bought a new position in Anavex Life Sciences in the 3rd quarter worth approximately $5,172,000. Renaissance Technologies LLC boosted its position in Anavex Life Sciences by 483.8% during the 2nd quarter. Renaissance Technologies LLC now owns 466,437 shares of the biotechnology company’s stock worth $1,968,000 after acquiring an additional 386,537 shares during the period. Deerfield Management Company L.P. Series C bought a new position in shares of Anavex Life Sciences in the second quarter worth $346,000. Barclays PLC grew its stake in shares of Anavex Life Sciences by 70.4% in the third quarter. Barclays PLC now owns 155,179 shares of the biotechnology company’s stock worth $882,000 after purchasing an additional 64,101 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Anavex Life Sciences by 2.8% during the third quarter. Geode Capital Management LLC now owns 1,883,199 shares of the biotechnology company’s stock valued at $10,699,000 after purchasing an additional 51,946 shares in the last quarter. Institutional investors and hedge funds own 31.55% of the company’s stock.

Anavex Life Sciences Stock Up 29.0 %

The business’s 50 day moving average is $7.69 and its two-hundred day moving average is $6.19. The firm has a market capitalization of $943.78 million, a P/E ratio of -22.26 and a beta of 0.73.

About Anavex Life Sciences

Anavex Life Sciences Corp., a clinical stage biopharmaceutical company, engages in the development of therapeutics for the treatment of central nervous system diseases. Its lead product candidate is ANAVEX 2-73 for the treatment of Alzheimer's disease and Parkinson's disease, as well as other central nervous system diseases, including rare diseases, such as Rett syndrome, a rare severe neurological monogenic disorder; and infantile spasms, Fragile X syndrome, and Angelman syndrome.