Anavex Life Sciences (NASDAQ:AVXL) Trading 8.5% Higher – Should You Buy?

Shares of Anavex Life Sciences Corp. (NASDAQ:AVXL) were up 8.5% on Monday . The stock traded as high as $9.23 and last traded at $9.18. Approximately 524,134 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 1,207,526 shares. The stock had previously closed at $8.46.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. HC Wainwright reiterated a “buy” rating and set a $40.00 target price on shares of Anavex Life Sciences in a report on Wednesday, November 27th. D. Boral Capital reaffirmed a “buy” rating and issued a $46.00 price target on shares of Anavex Life Sciences in a research report on Monday, November 25th.

Anavex Life Sciences Trading Up 0.3 %

The stock has a market capitalization of $780.97 million, a P/E ratio of -18.42 and a beta of 0.73. The company has a 50-day moving average price of $7.48 and a 200 day moving average price of $6.09.

Institutional Trading of Anavex Life Sciences

Several hedge funds have recently modified their holdings of the company. SG Americas Securities LLC bought a new position in shares of Anavex Life Sciences during the 2nd quarter worth approximately $57,000. Orion Capital Management LLC lifted its holdings in shares of Anavex Life Sciences by 666.7% during the 3rd quarter. Orion Capital Management LLC now owns 11,500 shares of the biotechnology company’s stock valued at $65,000 after purchasing an additional 10,000 shares during the last quarter. PVG Asset Management Corp acquired a new stake in shares of Anavex Life Sciences in the 3rd quarter worth $74,000. Atria Investments Inc acquired a new position in Anavex Life Sciences during the 3rd quarter valued at about $76,000. Finally, BNP Paribas Financial Markets raised its stake in Anavex Life Sciences by 97.0% in the third quarter. BNP Paribas Financial Markets now owns 15,074 shares of the biotechnology company’s stock valued at $86,000 after buying an additional 7,421 shares during the last quarter. 31.55% of the stock is owned by hedge funds and other institutional investors.

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.