Annovis Bio (NYSE:ANVS) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of Annovis Bio (NYSE:ANVS) to a hold rating in a research note published on Thursday morning,Zacks.com reports.

Other equities 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 research note on Monday. 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, April 14th. Finally, Roth Capital initiated coverage on Annovis Bio in a research report on Tuesday. They set a “buy” rating and a $8.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Annovis Bio has a consensus rating of “Moderate Buy” and an average price target of $11.67.

Annovis Bio Stock Performance

Shares of ANVS stock traded down $0.09 during midday trading on Thursday, hitting $1.86. 1,166,406 shares of the company were exchanged, compared to its average volume of 852,737. Annovis Bio has a 52 week low of $1.54 and a 52 week high of $5.50. The firm has a market capitalization of $64.55 million, a P/E ratio of -1.09 and a beta of 1.19. The firm’s 50 day moving average price is $1.96 and its two-hundred day moving average price is $2.40.

Annovis Bio (NYSE:ANVS) last released its quarterly earnings results on Friday, May 15th. The company reported ($0.63) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.23). Analysts expect that Annovis Bio will post -1.58 EPS for the current year.

Insiders Place Their Bets

In related news, Director Michael B. Hoffman bought 76,344 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were purchased at an average price of $1.87 per share, for a total transaction of $142,763.28. Following the completion of the transaction, 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 acquisition was disclosed in a document filed with the SEC, which is available through this link. 20.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Annovis Bio

A number of institutional investors and hedge funds have recently bought and sold shares of ANVS. Renaissance Technologies LLC acquired a new stake in shares of Annovis Bio during the first quarter valued at about $775,000. Virtu Financial LLC acquired a new stake in shares of Annovis Bio in the fourth quarter valued at about $91,000. NewEdge Advisors LLC acquired a new position in shares of Annovis Bio in the fourth quarter worth approximately $71,000. Bridgeway Capital Management LLC increased its position in Annovis Bio by 25.8% during the 4th quarter. Bridgeway Capital Management LLC now owns 24,400 shares of the company’s stock valued at $84,000 after purchasing an additional 5,000 shares during the period. Finally, OMERS ADMINISTRATION Corp acquired a new position in shares of Annovis Bio in the 4th quarter worth approximately $215,000. 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.