Why Shares of Anavex Life Sciences Slumped 23.5% on Monday
Shares of Anavex Life Sciences (NASDAQ: AVXL), a clinical-stage biotech that specializes in therapies to treat neurodegenerative and neurodevelopmental diseases, fell by 23.5% on Monday. The stock closed on Friday at $11.89. After opening higher at $12.46 Monday, it rose to $12.49 before sliding for most of the rest of the day, falling to $8.86 late in the afternoon and closing the session at $9.10. The stock is down more than 47% this year and has a 52-week high of $21.30 and a 52-week low of $7.13.
The company released its fiscal fourth-quarter numbers on Monday. Anavex isn't profitable, but its losses were more than anticipated. For the period, which ended Sept. 30, it reported a net loss of $14.3 million ($0.18 per share) compared to a net loss of $11.7 million ($0.15 per share) in the same quarter a year ago.
For the fiscal year, Anavex lost $48 million ($0.62 per share) compared to its loss of $37.9 million ($0.54 per share) in fiscal 2021. Despite those sluggish numbers, some investors see potential in the company's pipeline of central nervous system candidate therapies.
Source Fool.com
