Anavex Life Sciences (NASDAQ:AVXL) Stock Price Down 8.9%

Shares of Anavex Life Sciences Corp (NASDAQ:AVXL) dropped 8.9% during mid-day trading on Friday . The company traded as low as $2.62 and last traded at $2.65, approximately 933,242 shares were traded during mid-day trading. An increase of 130% from the average daily volume of 405,376 shares. The stock had previously closed at $2.91.

Several brokerages have recently issued reports on AVXL. Zacks Investment Research cut Anavex Life Sciences from a “buy” rating to a “hold” rating in a research note on Thursday, October 24th. ValuEngine lowered shares of Anavex Life Sciences from a “hold” rating to a “sell” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. Anavex Life Sciences has an average rating of “Buy” and a consensus target price of $9.20.

The stock’s fifty day moving average price is $2.58 and its two-hundred day moving average price is $2.88. The firm has a market capitalization of $156.90 million, a price-to-earnings ratio of -6.79 and a beta of 2.17.

Several hedge funds have recently modified their holdings of AVXL. JPMorgan Chase & Co. purchased a new position in Anavex Life Sciences in the second quarter valued at $38,000. Squarepoint Ops LLC acquired a new position in shares of Anavex Life Sciences during the 3rd quarter worth about $40,000. FormulaFolio Investments LLC purchased a new position in shares of Anavex Life Sciences in the 3rd quarter valued at about $44,000. Kessler Investment Group LLC increased its holdings in shares of Anavex Life Sciences by 418.0% in the 3rd quarter. Kessler Investment Group LLC now owns 20,721 shares of the biotechnology company’s stock valued at $65,000 after acquiring an additional 16,721 shares during the last quarter. Finally, Foster Victor Wealth Advisors LLC acquired a new stake in shares of Anavex Life Sciences during the 3rd quarter worth about $76,000. Hedge funds and other institutional investors own 25.16% of the company’s stock.

Anavex Life Sciences Company Profile (NASDAQ:AVXL)

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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