Annovis Bio (NYSE:ANVS) Issues Earnings Results, Beats Estimates By $0.08 EPS

Annovis Bio (NYSE:ANVS) issued its quarterly earnings data on Friday. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.08, Zacks reports.

Annovis Bio Stock Performance

Shares of NYSE:ANVS traded up $0.05 during midday trading on Friday, hitting $0.90. The company’s stock had a trading volume of 1,628,607 shares, compared to its average volume of 1,083,509. The stock’s 50 day simple moving average is $1.11 and its 200 day simple moving average is $1.83. The stock has a market capitalization of $38.59 million, a price-to-earnings ratio of -0.51 and a beta of 1.36. Annovis Bio has a fifty-two week low of $0.62 and a fifty-two week high of $5.50.

Insider Buying and Selling at Annovis Bio

In other Annovis Bio news, Director Michael Hoffman bought 5,000,000 shares of the firm’s stock in a transaction that occurred on Friday, November 6th. The stock was purchased at an average price of $1.00 per share, for a total transaction of $5,000,000.00. Following the purchase, the director directly owned 8,364,883 shares in the company, valued at $8,364,883. This trade represents a 148.59% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 15.92% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Weiss Ratings lowered shares of Annovis Bio from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday. Wall Street Zen lowered Annovis Bio from a “sell” rating to a “strong sell” rating in a report on Monday, September 28th. Canaccord Genuity Group reaffirmed a “buy” rating on shares of Annovis Bio in a research report on Tuesday, August 18th. Finally, Roth Capital lowered their price target on Annovis Bio from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, August 27th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Annovis Bio has an average rating of “Hold” and a consensus target price of $12.00.

About Annovis Bio

Annovis Bio, Inc. is a clinical-stage biopharmaceutical company focused on developing treatments for neurodegenerative diseases, including Alzheimer’s disease and Parkinson’s disease. The company’s research centers on therapies designed to address mechanisms associated with neurodegeneration rather than treating only individual symptoms. Annovis Bio’s lead product candidate is buntanetap, formerly known as ANVS401. Buntanetap is an orally administered small molecule being investigated for its potential to reduce the production of multiple neurotoxic proteins linked to neurodegenerative disorders.