Anavex Life Sciences (NASDAQ:AVXL) Share Price Breaks Below 50-Day Moving Average – Should You Sell?

Shares of Anavex Life Sciences Corp. (NASDAQ:AVXL) crossed below its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $2.33 and traded as low as $1.29. Anavex Life Sciences shares last traded at $1.33, with a volume of 626,213 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Anavex Life Sciences in a research report on Tuesday, September 8th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $21.33.

Anavex Life Sciences Stock Down 2.2%

The firm has a market cap of $123.29 million, a PE ratio of -8.87 and a beta of 1.17. The firm has a 50-day moving average price of $2.33 and a two-hundred day moving average price of $2.69.

Anavex Life Sciences (NASDAQ:AVXL) last posted its quarterly earnings data on Tuesday, August 25th. The biotechnology company reported $0.08 EPS for the quarter, beating the consensus estimate of ($0.08) by $0.16. Research analysts forecast that Anavex Life Sciences Corp. will post -0.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Anavex Life Sciences

A number of hedge funds have recently modified their holdings of the business. Squarepoint Ops LLC purchased a new position in shares of Anavex Life Sciences in the second quarter worth about $100,000. Baird Financial Group Inc. acquired a new stake in Anavex Life Sciences in the 2nd quarter valued at about $40,000. AXQ Capital LP lifted its stake in Anavex Life Sciences by 256.8% in the 2nd quarter. AXQ Capital LP now owns 40,748 shares of the biotechnology company’s stock worth $106,000 after purchasing an additional 29,327 shares in the last quarter. Yukon Wealth Management Inc. purchased a new position in Anavex Life Sciences in the 2nd quarter worth approximately $36,000. Finally, Hayek Kallen Investment Management purchased a new position in Anavex Life Sciences in the 2nd quarter worth approximately $122,000. 31.55% of the stock is currently owned by institutional investors and hedge funds.

About Anavex Life Sciences

Anavex Life Sciences Corp. is a clinical-stage biopharmaceutical company focused on developing treatments for neurodegenerative and neurodevelopmental disorders. The company’s research centers on therapies that target sigma-1 receptors and other mechanisms involved in cellular stress, neuroprotection and neuronal function.

Anavex’s lead investigational product is blarcamesine, also known as ANAVEX2-73, an orally administered small-molecule drug candidate being evaluated for conditions including Alzheimer’s disease and Rett syndrome.