Annovis Bio (NYSE:ANVS) Shares Up 6.7% – Still a Buy?

Annovis Bio, Inc. (NYSE:ANVS)’s share price was up 6.7% during mid-day trading on Thursday . The company traded as high as $1.8450 and last traded at $1.8350. Approximately 1,093,377 shares were traded during trading, a decline of 18% from the average daily volume of 1,331,335 shares. The stock had previously closed at $1.72.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ANVS shares. Weiss Ratings downgraded shares of Annovis Bio from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, April 29th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 target price on shares of Annovis Bio in a research report on Tuesday, April 14th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $13.50.

Annovis Bio Stock Performance

The company’s 50-day moving average is $2.00 and its 200 day moving average is $2.75. The company has a market capitalization of $63.58 million, a PE ratio of -1.07 and a beta of 1.27.

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

Insider Transactions at Annovis Bio

In related news, Director Michael B. Hoffman bought 713,800 shares of the stock in a transaction on Thursday, April 2nd. The shares were 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. The trade was a 27.72% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 20.80% of the company’s stock.

Hedge Funds Weigh In On Annovis Bio

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Annovis Bio by 5.9% in the 3rd quarter. Vanguard Group Inc. now owns 738,003 shares of the company’s stock worth $1,528,000 after purchasing an additional 41,239 shares during the period. Marshall Wace LLP bought a new position in shares of Annovis Bio in the 4th quarter worth approximately $2,511,000. Renaissance Technologies LLC bought a new position in shares of Annovis Bio in the 1st quarter worth approximately $775,000. Geode Capital Management LLC lifted its stake in shares of Annovis Bio by 20.6% in the 4th quarter. Geode Capital Management LLC now owns 222,132 shares of the company’s stock worth $769,000 after purchasing an additional 37,978 shares during the period. Finally, D.A. Davidson & CO. bought a new position in shares of Annovis Bio in the 4th quarter worth approximately $556,000. Institutional investors 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.