Anavex Life Sciences Corp. (NASDAQ:AVXL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

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 research analysts have also recently weighed in on AVXL. ValuEngine cut shares of Anavex Life Sciences Corp. from a “hold” rating to a “sell” rating in a research note on Friday, June 30th. Noble Financial restated a “buy” rating on shares of Anavex Life Sciences Corp. in a research note on Sunday, May 14th. 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. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $11.94.

Anavex Life Sciences Corp. (NASDAQ AVXL) traded down 0.93% on Wednesday, hitting $5.33. 128,345 shares of the stock traded hands. The stock’s market cap is $220.53 million. The company’s 50 day moving average price is $5.75 and its 200-day moving average price is $5.34. Anavex Life Sciences Corp. has a 52-week low of $2.43 and a 52-week high of $8.30.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in AVXL. Northwest Investment Counselors LLC purchased a new position in Anavex Life Sciences Corp. during the second quarter worth $106,000. Park West Asset Management LLC boosted its position in 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 worth $17,002,000 after buying an additional 1,462,090 shares during the period. Bank of America Corp DE boosted its position in 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 worth $229,000 after buying an additional 4,561 shares during the period. Geode Capital Management LLC boosted its position in 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 worth $1,589,000 after buying an additional 39,934 shares during the period. Finally, Vanguard Group Inc. boosted its position in 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 worth $8,528,000 after buying an additional 171,577 shares during the period. Institutional investors own 22.77% 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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