Annovis Bio’s (ANVS) “Buy” Rating Reaffirmed at Canaccord Genuity Group

Annovis Bio (NYSE:ANVS)‘s stock had its “buy” rating reiterated by Canaccord Genuity Group in a research note issued on Tuesday,Benzinga reports.

Other analysts also recently issued reports about the stock. Weiss Ratings upgraded shares of Annovis Bio from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. Roth Capital assumed coverage on shares of Annovis Bio in a research note on Tuesday, July 7th. They set a “buy” rating and a $8.00 price objective for the company. Finally, Zacks Research raised Annovis Bio to a “hold” rating in a research note on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Annovis Bio currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.67.

Annovis Bio Stock Performance

Shares of ANVS stock traded up $0.01 during mid-day trading on Tuesday, reaching $1.75. 180,725 shares of the company’s stock traded hands, compared to its average volume of 811,545. The firm has a market capitalization of $60.81 million, a PE ratio of -0.98 and a beta of 1.25. Annovis Bio has a 12 month low of $1.54 and a 12 month high of $5.50. The firm has a 50 day moving average price of $1.80 and a two-hundred day moving average price of $2.10.

Annovis Bio (NYSE:ANVS) last posted its quarterly earnings data on Friday, August 14th. The company reported ($0.40) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.05. As a group, equities analysts expect that Annovis Bio will post -1.58 earnings per share for the current fiscal year.

Insider Transactions at Annovis Bio

In other Annovis Bio news, Director Michael B. Hoffman acquired 76,344 shares of Annovis Bio stock in a transaction that occurred on Wednesday, May 20th. The stock was bought at an average price of $1.87 per share, with a total value of $142,763.28. Following the completion of the purchase, the director directly owned 3,364,883 shares of the company’s stock, valued at approximately $6,292,331.21. This represents a 2.32% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 20.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Annovis Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in ANVS. Renaissance Technologies LLC purchased a new position in shares of Annovis Bio in the 1st quarter worth approximately $775,000. Virtu Financial LLC acquired a new position in shares of Annovis Bio in the 4th quarter valued at $91,000. NewEdge Advisors LLC purchased a new position in shares of Annovis Bio in the fourth quarter worth about $71,000. Wealthspire Advisors LLC raised its position in Annovis Bio by 100.0% during the 4th quarter. Wealthspire Advisors LLC now owns 20,000 shares of the company’s stock worth $69,000 after buying an additional 10,000 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of Annovis Bio during the second quarter worth $29,000. Hedge funds and other institutional investors own 15.83% of the company’s stock.

Annovis Bio Company Profile

Annovis Bio, Inc (NYSE: ANVS) is a clinical-stage biotechnology company headquartered in Tampa, Florida, focused on the discovery and development of small molecule therapeutics for neurodegenerative and neuroinflammatory disorders. Leveraging a proprietary platform that targets protein trafficking and translational dysregulation, Annovis aims to restore cellular homeostasis by modulating the production and clearance of disease-related proteins. The company’s pipeline is designed to address critical pathways implicated in Alzheimer’s disease, Parkinson’s disease, multiple sclerosis and other central nervous system conditions.

The company’s lead asset, ANVS401 (Posiphen®), is an oral small molecule that has been evaluated in Phase 1 and Phase 2 clinical trials to reduce levels of amyloid precursor protein and its toxic fragments in Alzheimer’s patients.