Anavex Life Sciences (NASDAQ:AVXL) Shares Up 8.7% – Time to Buy?

Anavex Life Sciences Corp. (NASDAQ:AVXL) shares traded up 8.7% during trading on Tuesday . The stock traded as high as $8.10 and last traded at $8.10. 809,460 shares were traded during mid-day trading, a decline of 32% from the average session volume of 1,191,167 shares. The stock had previously closed at $7.45.

Analyst Ratings Changes

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $40.00 price target on shares of Anavex Life Sciences in a research note on Monday, November 4th.

Anavex Life Sciences Stock Up 6.4 %

The company has a 50-day simple moving average of $6.32 and a two-hundred day simple moving average of $5.49. The stock has a market cap of $764.90 million, a P/E ratio of -18.04 and a beta of 0.60.

Hedge Funds Weigh In On Anavex Life Sciences

Several hedge funds have recently made changes to their positions in AVXL. Nwam LLC purchased a new position in shares of Anavex Life Sciences during the third quarter valued at approximately $5,172,000. Renaissance Technologies LLC increased its stake in shares of Anavex Life Sciences by 483.8% during the second quarter. Renaissance Technologies LLC now owns 466,437 shares of the biotechnology company’s stock valued at $1,968,000 after buying an additional 386,537 shares during the period. Deerfield Management Company L.P. Series C purchased a new position in shares of Anavex Life Sciences during the second quarter valued at approximately $346,000. Barclays PLC increased its stake in shares of Anavex Life Sciences by 70.4% during the third quarter. Barclays PLC now owns 155,179 shares of the biotechnology company’s stock valued at $882,000 after buying an additional 64,101 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Anavex Life Sciences by 1.2% during the first quarter. Vanguard Group Inc. now owns 4,414,682 shares of the biotechnology company’s stock valued at $22,471,000 after buying an additional 54,034 shares during the period. 31.55% of the stock is owned by hedge funds and other institutional investors.

Anavex Life Sciences Company Profile

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.