Anavex Life Sciences Corp. (NASDAQ:AVXL) was the recipient of a large drop in short interest in the month of May. As of May 31st, there was short interest totalling 5,496,064 shares, a drop of 3.7% from the May 15th total of 5,705,235 shares. Based on an average daily trading volume, of 254,238 shares, the short-interest ratio is currently 21.6 days.

A number of hedge funds and other institutional investors have recently modified their holdings of AVXL. Park West Asset Management LLC increased its position in shares of Anavex Life Sciences Corp. by 97.5% in the first quarter. Park West Asset Management LLC now owns 2,962,090 shares of the biotechnology company’s stock valued at $17,002,000 after buying an additional 1,462,090 shares during the period. Bank of America Corp DE increased its position in shares of Anavex Life Sciences Corp. by 12.9% in the first quarter. Bank of America Corp DE now owns 39,981 shares of the biotechnology company’s stock valued at $229,000 after buying an additional 4,561 shares during the period. Geode Capital Management LLC increased its position in shares of Anavex Life Sciences Corp. by 16.8% in the first quarter. Geode Capital Management LLC now owns 276,974 shares of the biotechnology company’s stock valued at $1,589,000 after buying an additional 39,934 shares during the period. Vanguard Group Inc. increased its position in shares of Anavex Life Sciences Corp. by 13.1% in the first quarter. Vanguard Group Inc. now owns 1,485,681 shares of the biotechnology company’s stock valued at $8,528,000 after buying an additional 171,577 shares during the period. Finally, Teachers Advisors LLC increased its position in shares of Anavex Life Sciences Corp. by 24.8% in the first quarter. Teachers Advisors LLC now owns 64,065 shares of the biotechnology company’s stock valued at $368,000 after buying an additional 12,719 shares during the period. Institutional investors and hedge funds own 22.77% of the company’s stock.

Anavex Life Sciences Corp. (NASDAQ AVXL) opened at 5.96 on Monday. Anavex Life Sciences Corp. has a 52 week low of $2.43 and a 52 week high of $8.30. The firm’s market cap is $246.60 million. The stock has a 50 day moving average of $5.85 and a 200 day moving average of $5.18.

AVXL has been the topic of several research analyst reports. Zacks Investment Research raised shares of Anavex Life Sciences Corp. from a “hold” rating to a “buy” rating and set a $7.00 target price on the stock in a research note on Wednesday, April 12th. Noble Financial reissued a “buy” rating on shares of Anavex Life Sciences Corp. in a research note on Sunday, April 9th. Finally, Maxim Group set a $15.00 target price on shares of Anavex Life Sciences Corp. and gave the company a “buy” rating in a research note on Monday, May 22nd.

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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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