Anavex Life Sciences (NASDAQ:AVXL) Sees Unusually-High Trading Volume

Anavex Life Sciences Corp (NASDAQ:AVXL) saw unusually-strong trading volume on Wednesday . Approximately 2,837,900 shares changed hands during mid-day trading, an increase of 622% from the previous session’s volume of 393,254 shares.The stock last traded at $3.03 and had previously closed at $2.36.

Several brokerages recently commented on AVXL. Zacks Investment Research lowered shares of Anavex Life Sciences from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. ValuEngine lowered shares of Anavex Life Sciences from a “hold” rating to a “sell” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. Anavex Life Sciences has a consensus rating of “Buy” and an average price target of $9.20.

The stock has a 50-day simple moving average of $2.58 and a 200-day simple moving average of $2.88. The stock has a market cap of $156.90 million, a PE ratio of -6.79 and a beta of 2.17.

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Anavex Life Sciences by 145.2% in the 2nd quarter. Vanguard Group Inc. now owns 1,990,674 shares of the biotechnology company’s stock worth $6,708,000 after purchasing an additional 1,178,831 shares during the period. Hikari Power Ltd grew its holdings in shares of Anavex Life Sciences by 168.9% during the 3rd quarter. Hikari Power Ltd now owns 468,110 shares of the biotechnology company’s stock worth $1,479,000 after purchasing an additional 294,030 shares during the period. FormulaFolio Investments LLC acquired a new stake in Anavex Life Sciences during the 3rd quarter worth approximately $44,000. JPMorgan Chase & Co. purchased a new position in Anavex Life Sciences in the second quarter valued at approximately $38,000. Finally, Bank of New York Mellon Corp lifted its position in Anavex Life Sciences by 359.7% during the second quarter. Bank of New York Mellon Corp now owns 133,389 shares of the biotechnology company’s stock valued at $449,000 after buying an additional 104,372 shares in the last quarter. Institutional investors own 25.16% of the company’s stock.

About Anavex Life Sciences (NASDAQ:AVXL)

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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