Anavex Life Sciences (NASDAQ:AVXL) received a $5.00 price objective from analysts at Maxim Group in a report issued on Thursday. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Maxim Group’s target price would suggest a potential upside of 97.63% from the company’s current price.
The analysts wrote, “We have increased our therapeutic rate cut in our model to 90%, from 75% – taking our price target to $5, from $14, which is still substantially higher versus the current stock price – due to a combination of factors which include: ○ The trial was delayed (biomarkers) and will take time and money. While the company has $28M in capital today, we believe a lot more capital will be needed as the next phases of clinical development get underway, ○ When will we see meaningful clinical data that can convince both KOL’s and Industry experts that the company may have a drug? It will take time.””
Several other equities research analysts have also recently issued reports on AVXL. Noble Financial reiterated a “buy” rating on shares of Anavex Life Sciences in a research report on Tuesday, December 12th. ValuEngine cut shares of Anavex Life Sciences from a “hold” rating to a “sell” rating in a research report on Tuesday, November 21st.
Anavex Life Sciences (NASDAQ:AVXL) last released its quarterly earnings data on Monday, December 11th. The biotechnology company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02). sell-side analysts expect that Anavex Life Sciences will post -0.44 earnings per share for the current year.
Several institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its position in shares of Anavex Life Sciences by 60.3% during the fourth quarter. Bank of New York Mellon Corp now owns 177,938 shares of the biotechnology company’s stock valued at $573,000 after buying an additional 66,931 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Anavex Life Sciences by 40.8% during the third quarter. Wells Fargo & Company MN now owns 56,873 shares of the biotechnology company’s stock valued at $236,000 after buying an additional 16,488 shares during the last quarter. SNS Financial Group LLC bought a new stake in shares of Anavex Life Sciences during the third quarter valued at approximately $290,000. The Manufacturers Life Insurance Company raised its position in shares of Anavex Life Sciences by 37.7% during the second quarter. The Manufacturers Life Insurance Company now owns 31,876 shares of the biotechnology company’s stock valued at $169,000 after buying an additional 8,728 shares during the last quarter. Finally, State Street Corp increased its position in Anavex Life Sciences by 15.2% in the second quarter. State Street Corp now owns 603,326 shares of the biotechnology company’s stock worth $3,210,000 after purchasing an additional 79,516 shares during the last quarter. Hedge funds and other institutional investors own 22.63% of the company’s stock.
About Anavex Life Sciences
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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