Anavex Life Sciences (AVXL) Downgraded to “Sell” at Zacks Investment Research

Anavex Life Sciences (NASDAQ:AVXL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday, Zacks.com reports.

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. “

Separately, Roth Capital set a $10.00 price target on Anavex Life Sciences and gave the company a “buy” rating in a research note on Friday, February 8th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Anavex Life Sciences has a consensus rating of “Buy” and an average target price of $7.40.

Anavex Life Sciences stock traded up $0.30 during trading hours on Wednesday, reaching $3.45. The company had a trading volume of 1,016,522 shares, compared to its average volume of 317,894. Anavex Life Sciences has a 12-month low of $1.25 and a 12-month high of $4.35. The stock has a market capitalization of $156.78 million, a P/E ratio of -8.85 and a beta of 2.47.

Anavex Life Sciences (NASDAQ:AVXL) last announced its quarterly earnings results on Wednesday, May 8th. The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.01. As a group, sell-side analysts forecast that Anavex Life Sciences will post -0.58 earnings per share for the current year.

Institutional investors and hedge funds have recently modified their holdings of the business. Hikari Power Ltd acquired a new position in shares of Anavex Life Sciences in the 4th quarter valued at about $231,000. Park West Asset Management LLC lifted its stake in Anavex Life Sciences by 1.6% during the fourth quarter. Park West Asset Management LLC now owns 3,495,615 shares of the biotechnology company’s stock worth $5,453,000 after purchasing an additional 53,450 shares in the last quarter. Geode Capital Management LLC lifted its stake in Anavex Life Sciences by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 291,948 shares of the biotechnology company’s stock worth $455,000 after purchasing an additional 3,687 shares in the last quarter. Deutsche Bank AG acquired a new position in Anavex Life Sciences during the fourth quarter worth $28,000. Finally, Tibra Equities Europe Ltd acquired a new position in Anavex Life Sciences during the first quarter worth $258,000. 14.58% 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 drug candidates for the treatment of central nervous system diseases. The company's lead drug candidate is ANAVEX 2-73, which has completed Phase 2a clinical trial for Alzheimer's disease; and preclinical clinical trials to treat Parkinson's disease, Rett syndrome, epilepsy, infantile spasms, Fragile X syndrome, Angelman syndrome, multiple sclerosis, and tuberous sclerosis.

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