Anavex Life Sciences (NASDAQ:AVXL) Stock Price Passes Below 50 Day Moving Average – What’s Next?

Anavex Life Sciences Corp. (NASDAQ:AVXL)’s share price passed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $3.06 and traded as low as $2.56. Anavex Life Sciences shares last traded at $2.57, with a volume of 941,537 shares changing hands.

Analysts Set New Price Targets

Several analysts have weighed in on AVXL shares. Rodman & Renshaw started coverage on Anavex Life Sciences in a research note on Monday, May 4th. They set a “buy” rating and a $20.00 target price on the stock. Wall Street Zen raised Anavex Life Sciences from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. HC Wainwright reaffirmed a “buy” rating and set a $20.00 target price on shares of Anavex Life Sciences in a research note on Tuesday, February 10th. D. Boral Capital reaffirmed a “buy” rating and set a $24.00 target price on shares of Anavex Life Sciences in a research note on Tuesday, March 31st. Finally, Weiss Ratings raised Anavex Life Sciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, May 27th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Anavex Life Sciences has a consensus rating of “Hold” and an average target price of $21.33.

Anavex Life Sciences Trading Down 8.9%

The company has a market capitalization of $238.16 million, a price-to-earnings ratio of -5.59 and a beta of 1.20. The firm has a 50-day moving average price of $3.06 and a 200-day moving average price of $3.81.

Hedge Funds Weigh In On Anavex Life Sciences

Several hedge funds have recently modified their holdings of the company. State Street Corp increased its position in shares of Anavex Life Sciences by 33.4% during the 4th quarter. State Street Corp now owns 4,383,406 shares of the biotechnology company’s stock valued at $15,605,000 after purchasing an additional 1,096,288 shares during the period. Two Sigma Investments LP grew its holdings in shares of Anavex Life Sciences by 6.5% in the 3rd quarter. Two Sigma Investments LP now owns 1,036,954 shares of the biotechnology company’s stock worth $9,229,000 after acquiring an additional 63,685 shares during the last quarter. Summit Financial LLC raised its position in shares of Anavex Life Sciences by 103.3% during the fourth quarter. Summit Financial LLC now owns 903,392 shares of the biotechnology company’s stock worth $3,216,000 after purchasing an additional 459,121 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Anavex Life Sciences by 187.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 872,968 shares of the biotechnology company’s stock worth $3,108,000 after purchasing an additional 569,579 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of Anavex Life Sciences by 55.8% during the second quarter. Invesco Ltd. now owns 863,959 shares of the biotechnology company’s stock valued at $7,966,000 after purchasing an additional 309,605 shares during the last quarter. 31.55% of the stock is currently owned by institutional investors and hedge funds.

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.