Annovis Bio (NYSE:ANVS) Announces Quarterly Earnings Results, Misses Estimates By $0.23 EPS

Annovis Bio (NYSE:ANVS) announced its earnings results on Friday. The company reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.23), Zacks reports.

Annovis Bio Price Performance

Shares of ANVS opened at $2.07 on Friday. The stock has a 50-day moving average of $2.18 and a 200-day moving average of $2.82. The company has a market cap of $71.86 million, a PE ratio of -1.21 and a beta of 1.26. Annovis Bio has a one year low of $1.54 and a one year high of $5.50.

Analyst Ratings Changes

ANVS has been the subject of several analyst reports. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 price objective on shares of Annovis Bio in a research report on Tuesday, April 14th. Weiss Ratings lowered Annovis Bio from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, April 29th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Annovis Bio currently has an average rating of “Hold” and an average target price of $13.50.

Insider Transactions at Annovis Bio

In related news, Director Michael B. Hoffman purchased 713,800 shares of the business’s stock in a transaction on Thursday, April 2nd. The stock was acquired at an average price of $2.10 per share, for a total transaction of $1,498,980.00. Following the purchase, the director owned 3,288,539 shares of the company’s stock, valued at approximately $6,905,931.90. This trade represents a 27.72% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 20.80% of the company’s stock.

Hedge Funds Weigh In On Annovis Bio

Hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake in Annovis Bio by 69.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 14,900 shares of the company’s stock valued at $32,000 after purchasing an additional 6,100 shares during the last quarter. RKL Wealth Management LLC acquired a new position in Annovis Bio during the 4th quarter valued at about $35,000. Wells Fargo & Company MN boosted its stake in Annovis Bio by 46.8% during the 4th quarter. Wells Fargo & Company MN now owns 14,307 shares of the company’s stock valued at $50,000 after purchasing an additional 4,561 shares during the last quarter. Jane Street Group LLC acquired a new position in Annovis Bio during the 2nd quarter valued at about $52,000. Finally, Wealthspire Advisors LLC boosted its stake in Annovis Bio by 100.0% during the 4th quarter. Wealthspire Advisors LLC now owns 20,000 shares of the company’s stock valued at $69,000 after purchasing an additional 10,000 shares during the last quarter. Institutional investors and hedge funds 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.