Anavex Life Sciences Corp (NASDAQ:AVXL) Stock Sees Value Buying At Lower Level
On Wednesday, Anavex Life Sciences Corp (NASDAQ:AVXL) saw its stock making a strong recovery and ending the day by as much a 6% after having gone through a bit of a slump. While the gains made by the stock may have been notable, it should be remembered that the stock is still down by as much as 10% over the past week.
Market Stats
On Wednesday, AVXL stock jumped 5.68% at $18.99 with more than 1.39 million shares, compared to its average volume of 797K shares. The stock has moved within a range of $17.80 – 19.89 after opening trading at $19.89.
Earnings Recap
However, in order to get some perspective about the rally on Wednesday, investors need to look into the company’s financial results for the fiscal year which were announced on the same days.
In the fiscal year that ended on September 30, 2021, the company ended with cash and cash equivalents to the tune of as much as $152.1 million. That reflected a significant year on year rise from the $29.2 million in cash and cash equivalents that Anavex had reported at the end of the prior year period.
However, the net losses for the period went up to $37.9 million and that reflected a significant rise from the $26.3 million in net loses that had been recorded in the prior year period. The research and development expenses for the fiscal year stood at $33 million. In the prior year period, those expenses had been $25.2 million.
Key Quote
“Anavex concluded an exceptional fiscal year 2021 while continuing its momentum, highlighted by the efficient execution and full enrollment of three Precision Medicine clinical trials, including the Phase 2b/3 ANAVEX®2-73 clinical trial in Alzheimer’s disease, the Phase 2/3 ANAVEX®2-73 clinical trial in Rett syndrome as well as the Phase 1 of ANAVEX®3-71. As we look to the remainder of 2021 and into 2022, I am very excited about the Company’s potential as we continue to advance and expand our Precision Medicine clinical programs,” said Christopher U Missling, PhD, President and Chief Executive Officer of Anavex.
Traders Corner
AVXL stock is trading below the 20-Day and 50-Day Moving averages of $20.20 and $19.02 respectively. However, the stock is trading above the 200-Day moving average of $17.11. The stock is down 9% in the past week.
