Anavex Life Sciences Corp. (NASDAQ:AVXL) Upgraded at Zacks Investment Research

Anavex Life Sciences Corp. (NASDAQ:AVXL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The brokerage currently has a $3.75 price objective on the biotechnology company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 6.23% from the stock’s previous close.

According to Zacks, “ANAVEX LIFE SCIENCES CORP. is an emerging biopharmaceutical company engaged in the discovery and development of novel drug targets for the treatment of cancer and neurological diseases. The company’s proprietary SIGMACEPTOR Discovery Platform involves the rational drug design of compounds that fulfill specific criteria based on unmet market needs and new scientific advances. Selected drug candidates demonstrate high, non-exclusive affinity for sigma receptors, which are involved in the modulation of multiple cellular biochemical signaling pathways. “

A number of other equities research analysts have also commented on AVXL. ValuEngine upgraded shares of Anavex Life Sciences Corp. from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. Noble Financial reiterated a “buy” rating on shares of Anavex Life Sciences Corp. in a report on Wednesday. Finally, Maxim Group set a $15.00 price target on shares of Anavex Life Sciences Corp. and gave the company a “buy” rating in a report on Monday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $11.19.

Anavex Life Sciences Corp. (AVXL) traded up 3.22% during midday trading on Thursday, hitting $3.53. 321,699 shares of the stock traded hands. Anavex Life Sciences Corp. has a 52 week low of $2.43 and a 52 week high of $6.64. The company’s market capitalization is $148.87 million. The stock’s 50-day moving average price is $4.83 and its 200 day moving average price is $5.44.

Anavex Life Sciences Corp. (NASDAQ:AVXL) last posted its quarterly earnings results on Monday, August 7th. The biotechnology company reported ($0.09) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.09). On average, equities research analysts predict that Anavex Life Sciences Corp. will post ($0.37) EPS for the current year.

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A number of large investors have recently bought and sold shares of AVXL. JPMorgan Chase & Co. purchased a new stake in Anavex Life Sciences Corp. during the first quarter worth approximately $105,000. Northwest Investment Counselors LLC purchased a new stake in Anavex Life Sciences Corp. during the second quarter worth approximately $106,000. American International Group Inc. raised its stake in Anavex Life Sciences Corp. by 7.1% in the first quarter. American International Group Inc. now owns 20,103 shares of the biotechnology company’s stock worth $115,000 after buying an additional 1,329 shares in the last quarter. State of Wisconsin Investment Board purchased a new stake in Anavex Life Sciences Corp. during the second quarter worth approximately $151,000. Finally, Alliancebernstein L.P. purchased a new stake in Anavex Life Sciences Corp. during the second quarter worth approximately $158,000. Institutional investors own 22.88% of the company’s stock.

Anavex Life Sciences Corp. Company Profile

Anavex Life Sciences Corp., is a clinical-stage biopharmaceutical company engaged in the development of drug candidates. The Company’s lead compounds include ANAVEX 2-73, ANAVEX PLUS, a combination of ANAVEX 2-73 with donepezil (Aricept), ANAVEX 19-144, ANAVEX 1-41, ANAVEX 7-1037, ANAVEX 3-71, ANAVEX 1079, ANAVEX 1519 and ANAVEX 1066 being developed to treat Alzheimer’s disease and other central nervous system (CNS) diseases.

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