Annovis Bio (NYSE:ANVS) Stock Rating Upgraded by Zacks Research

Annovis Bio (NYSE:ANVS) was upgraded by equities research analysts at Zacks Research to a “hold” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Several other research analysts also recently issued reports on ANVS. Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 price target on shares of Annovis Bio in a report on Tuesday, April 14th. Weiss Ratings upgraded Annovis Bio from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. Finally, Roth Capital started coverage on Annovis Bio in a research report on Tuesday. They issued a “buy” rating and a $8.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $11.67.

Annovis Bio Price Performance

Annovis Bio stock opened at $1.86 on Thursday. The firm has a market capitalization of $64.55 million, a P/E ratio of -1.09 and a beta of 1.19. Annovis Bio has a 52-week low of $1.54 and a 52-week high of $5.50. The stock has a fifty day moving average price of $1.96 and a two-hundred day moving average price of $2.40.

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

Insider Transactions at Annovis Bio

In related news, Director Michael B. Hoffman purchased 76,344 shares of Annovis Bio stock in a transaction on Wednesday, May 20th. The stock was acquired at an average cost of $1.87 per share, for a total transaction of $142,763.28. Following the completion of the acquisition, the director owned 3,364,883 shares of the company’s stock, valued at $6,292,331.21. This trade represents a 2.32% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 20.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Annovis Bio

A number of institutional investors have recently modified their holdings of the company. Geode Capital Management LLC lifted its holdings in shares of Annovis Bio by 20.1% in the 2nd quarter. Geode Capital Management LLC now owns 183,287 shares of the company’s stock worth $398,000 after purchasing an additional 30,674 shares in the last quarter. JPMorgan Chase & Co. increased 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 in the last quarter. Marshall Wace LLP acquired a new position in Annovis Bio during the second quarter worth $197,000. Jane Street Group LLC acquired a new position in Annovis Bio during the second quarter worth $52,000. Finally, Vanguard Group Inc. lifted its stake in shares of Annovis Bio by 5.9% in the third quarter. Vanguard Group Inc. now owns 738,003 shares of the company’s stock valued at $1,528,000 after buying an additional 41,239 shares in the last quarter. 15.83% of the stock is owned by institutional investors and hedge funds.

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.