Anavex Life Sciences (NASDAQ:AVXL) Trading Down 4.1% – What’s Next?

Shares of Anavex Life Sciences Corp. (NASDAQ:AVXL) dropped 4.1% during mid-day trading on Friday . The company traded as low as $8.60 and last traded at $8.65. Approximately 481,756 shares traded hands during trading, a decline of 60% from the average daily volume of 1,191,203 shares. The stock had previously closed at $9.02.

Wall Street Analysts Forecast Growth

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

Anavex Life Sciences Stock Up 1.0 %

The firm has a 50-day moving average price of $6.40 and a two-hundred day moving average price of $5.53. The company has a market capitalization of $772.53 million, a P/E ratio of -18.22 and a beta of 0.60.

Institutional Trading of Anavex Life Sciences

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Anavex Life Sciences by 1.2% in 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. Geode Capital Management LLC lifted its position in shares of Anavex Life Sciences by 2.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,883,199 shares of the biotechnology company’s stock worth $10,699,000 after acquiring an additional 51,946 shares during the period. Nwam LLC acquired a new stake in shares of Anavex Life Sciences during the 3rd quarter worth approximately $5,172,000. Charles Schwab Investment Management Inc. increased its position in shares of Anavex Life Sciences by 2.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 665,976 shares of the biotechnology company’s stock valued at $3,783,000 after purchasing an additional 14,892 shares during the period. Finally, Renaissance Technologies LLC lifted its position in Anavex Life Sciences by 483.8% in the second quarter. Renaissance Technologies LLC now owns 466,437 shares of the biotechnology company’s stock worth $1,968,000 after purchasing an additional 386,537 shares during the period. 31.55% of the stock is owned by 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.