Anavex Life Sciences (AVXL) Rating Increased to Buy at Zacks Investment Research

Anavex Life Sciences (NASDAQ:AVXL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The firm currently has a $3.00 price target on the biotechnology company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 19.52% from the stock’s current price.

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. “

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Several other research firms have also issued reports on AVXL. Maxim Group set a $14.00 price objective on Anavex Life Sciences and gave the stock a “buy” rating in a research note on Monday, December 11th. Noble Financial reiterated a “buy” rating on shares of Anavex Life Sciences in a research note on Tuesday, December 12th. Finally, Roth Capital began coverage on Anavex Life Sciences in a research note on Thursday, March 8th. They set a “buy” rating and a $6.00 price objective for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. Anavex Life Sciences presently has a consensus rating of “Hold” and a consensus target price of $7.25.

Anavex Life Sciences stock opened at $2.51 on Thursday. The company has a market capitalization of $121.69, a price-to-earnings ratio of -7.38 and a beta of 1.05. Anavex Life Sciences has a 12-month low of $2.25 and a 12-month high of $6.49.

Anavex Life Sciences (NASDAQ:AVXL) last issued its earnings results on Wednesday, February 7th. The biotechnology company reported ($0.09) EPS for the quarter. equities analysts predict that Anavex Life Sciences will post -0.41 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in AVXL. Northern Trust Corp raised its stake in Anavex Life Sciences by 16.0% during the second quarter. Northern Trust Corp now owns 429,073 shares of the biotechnology company’s stock worth $2,282,000 after acquiring an additional 59,069 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Anavex Life Sciences by 8.9% in the second quarter. Vanguard Group Inc. now owns 1,617,757 shares of the biotechnology company’s stock valued at $8,606,000 after buying an additional 132,076 shares in the last quarter. State Street Corp increased its stake in shares of Anavex Life Sciences by 15.2% in the second quarter. State Street Corp now owns 603,326 shares of the biotechnology company’s stock valued at $3,210,000 after buying an additional 79,516 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Anavex Life Sciences by 37.7% in the second quarter. The Manufacturers Life Insurance Company now owns 31,876 shares of the biotechnology company’s stock valued at $169,000 after buying an additional 8,728 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of Anavex Life Sciences by 40.8% in the third quarter. Wells Fargo & Company MN now owns 56,873 shares of the biotechnology company’s stock valued at $236,000 after buying an additional 16,488 shares in the last quarter. Hedge funds and other institutional investors own 22.75% of the company’s stock.

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Anavex Life Sciences 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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