Annovis Bio (NYSE:ANVS) Upgraded by Roth Capital to “Strong-Buy” Rating

Roth Capital upgraded shares of Annovis Bio (NYSE:ANVS) to a strong-buy rating in a research note issued to investors on Tuesday morning,Zacks.com reports.

Several other research firms also recently weighed in on ANVS. Weiss Ratings raised shares of Annovis Bio from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday. Canaccord Genuity Group restated a “buy” rating and set a $17.00 price objective on shares of Annovis Bio in a report on Tuesday, April 14th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Annovis Bio currently has a consensus rating of “Moderate Buy” and an average price target of $11.67.

Annovis Bio Trading Up 2.3%

NYSE ANVS opened at $1.97 on Tuesday. The stock has a market cap of $68.09 million, a PE ratio of -1.15 and a beta of 1.19. Annovis Bio has a 12 month low of $1.54 and a 12 month high of $5.50. The company’s 50-day moving average price is $1.95 and its 200-day moving average price is $2.42.

Annovis Bio (NYSE:ANVS) last announced its quarterly earnings data on Friday, May 15th. The company reported ($0.63) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.23).

Insider Buying and Selling

In other news, Director Michael B. Hoffman purchased 76,344 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was acquired at an average cost of $1.87 per share, with a total value of $142,763.28. Following the completion of the transaction, the director owned 3,364,883 shares in the company, valued at $6,292,331.21. This represents a 2.32% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 20.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ANVS. CWA Asset Management Group LLC lifted its position in Annovis Bio by 30.8% during the fourth quarter. CWA Asset Management Group LLC now owns 17,001 shares of the company’s stock valued at $59,000 after acquiring an additional 4,000 shares during the last quarter. Wells Fargo & Company MN grew its holdings in Annovis Bio by 46.8% in the fourth quarter. Wells Fargo & Company MN now owns 14,307 shares of the company’s stock worth $50,000 after purchasing an additional 4,561 shares during the last quarter. Bridgeway Capital Management LLC increased its position in shares of Annovis Bio by 25.8% during the fourth quarter. Bridgeway Capital Management LLC now owns 24,400 shares of the company’s stock worth $84,000 after purchasing an additional 5,000 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Annovis Bio by 69.3% during the second quarter. JPMorgan Chase & Co. now owns 14,900 shares of the company’s stock worth $32,000 after purchasing an additional 6,100 shares in the last quarter. Finally, RKL Wealth Management LLC purchased a new stake in shares of Annovis Bio during the 4th quarter valued at $35,000. Institutional investors own 15.83% of the company’s stock.

About Annovis Bio

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.