Insider Buying: Annovis Bio (NYSE:ANVS) Director Buys 15,000 Shares of Stock

Annovis Bio, Inc. (NYSE:ANVS) Director Michael Hoffman acquired 15,000 shares of the stock in a transaction dated Friday, November 14th. The stock was purchased at an average cost of $2.11 per share, with a total value of $31,650.00. Following the purchase, the director directly owned 2,470,539 shares of the company’s stock, valued at $5,212,837.29. This trade represents a 0.61% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Annovis Bio Trading Up 6.1%

NYSE:ANVS traded up $0.19 during mid-day trading on Tuesday, hitting $3.22. 2,684,516 shares of the company’s stock were exchanged, compared to its average volume of 714,041. The company has a 50 day simple moving average of $2.16 and a 200-day simple moving average of $2.35. Annovis Bio, Inc. has a fifty-two week low of $1.11 and a fifty-two week high of $7.52. The firm has a market capitalization of $85.20 million, a P/E ratio of -2.23 and a beta of 1.61.

Annovis Bio (NYSE:ANVS) last announced its quarterly earnings results on Wednesday, November 12th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.01). As a group, analysts expect that Annovis Bio, Inc. will post -2.19 earnings per share for the current year.

Institutional Trading of Annovis Bio

A number of institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in Annovis Bio by 69.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 14,900 shares of the company’s stock worth $32,000 after acquiring an additional 6,100 shares during the period. Jane Street Group LLC acquired a new position in shares of Annovis Bio in the 2nd quarter valued at about $52,000. Warberg Asset Management LLC acquired a new position in shares of Annovis Bio in the 1st quarter valued at about $58,000. Marshall Wace LLP bought a new stake in shares of Annovis Bio during the 2nd quarter valued at about $197,000. Finally, Geode Capital Management LLC grew its stake in Annovis Bio by 20.1% during the second quarter. Geode Capital Management LLC now owns 183,287 shares of the company’s stock worth $398,000 after purchasing an additional 30,674 shares during the period. Institutional investors own 15.83% of the company’s stock.

Wall Street Analysts Forecast Growth

ANVS has been the subject of a number of recent research reports. HC Wainwright decreased their price objective on Annovis Bio from $12.00 to $10.00 and set a “buy” rating for the company in a report on Wednesday, September 3rd. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 price target on shares of Annovis Bio in a research report on Tuesday, September 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Annovis Bio in a research note on Wednesday, October 8th. Finally, Zacks Research upgraded Annovis Bio to a “hold” rating in a research report on Friday, August 8th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $13.50.

About Annovis Bio

Annovis Bio, Inc, a clinical stage drug platform company, develops drugs to treat neurodegeneration. The company's lead product candidate is Buntanetap, which has completed three Phase 1/2 clinical trials for the treatment of Alzheimer's disease (AD), Parkinson's disease, and other chronic neurodegenerative diseases.