Zacks Investment Research downgraded shares of Anavex Life Sciences Corp. (NASDAQ:AVXL) from a buy rating to a hold rating in a research note issued to investors on Friday.

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. “

Several other equities analysts have also weighed in on AVXL. Noble Financial restated a buy rating on shares of Anavex Life Sciences Corp. in a research note on Wednesday, August 9th. Maxim Group set a $15.00 price target on Anavex Life Sciences Corp. and gave the company a buy rating in a research note on Monday, August 7th. Finally, ValuEngine upgraded Anavex Life Sciences Corp. from a sell rating to a hold rating in a research note on Thursday, August 3rd. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $11.19.

Shares of Anavex Life Sciences Corp. (AVXL) opened at 3.93 on Friday. The company’s 50 day moving average price is $4.49 and its 200 day moving average price is $5.41. Anavex Life Sciences Corp. has a 52-week low of $2.43 and a 52-week high of $6.64. The stock’s market cap is $165.74 million.

Anavex Life Sciences Corp. (NASDAQ:AVXL) last announced its quarterly earnings results on Monday, August 7th. The biotechnology company reported ($0.09) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.09). On average, analysts anticipate that Anavex Life Sciences Corp. will post ($0.38) earnings per share for the current year.

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Several institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. acquired a new position in shares of Anavex Life Sciences Corp. during the first quarter valued at $105,000. Northwest Investment Counselors LLC acquired a new position in shares of Anavex Life Sciences Corp. during the second quarter valued at $106,000. American International Group Inc. raised its position in shares of 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 valued at $115,000 after buying an additional 1,329 shares in the last quarter. State of Wisconsin Investment Board acquired a new position in shares of Anavex Life Sciences Corp. during the second quarter valued at $151,000. Finally, Alliancebernstein L.P. acquired a new position in shares of Anavex Life Sciences Corp. during the second quarter valued at $158,000. Hedge funds and other institutional investors own 22.64% 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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