Annovis Bio (NYSE:ANVS) Director Michael Hoffman Buys 5,000,000 Shares of Company Stock

Annovis Bio, Inc. (NYSE:ANVS) Director Michael Hoffman bought 5,000,000 shares of the stock in a transaction dated Friday, November 6th. The shares were bought at an average cost of $1.00 per share, with a total value of $5,000,000.00. Following the completion of the acquisition, the director directly owned 8,364,883 shares of the company’s stock, valued at approximately $8,364,883. The trade was a 148.59% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Annovis Bio Stock Performance

Shares of ANVS opened at $0.82 on Friday. Annovis Bio, Inc. has a twelve month low of $0.62 and a twelve month high of $5.50. The firm has a market cap of $35.08 million, a P/E ratio of -0.46 and a beta of 1.36. The firm’s 50 day moving average price is $1.18 and its two-hundred day moving average price is $1.88.

Annovis Bio (NYSE:ANVS) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.40) EPS for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.05. On average, sell-side analysts anticipate that Annovis Bio, Inc. will post -1.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Annovis Bio

A number of institutional investors and hedge funds have recently made changes to their positions in ANVS. Empery Asset Management LP acquired a new stake in shares of Annovis Bio during the 2nd quarter worth approximately $4,466,745. Renaissance Technologies LLC bought a new position in Annovis Bio in the first quarter worth approximately $775,000. BlackRock Inc. purchased a new position in shares of Annovis Bio in the 2nd quarter valued at about $465,000. GSA Capital Partners LLP acquired a new stake in shares of Annovis Bio in the second quarter valued at $93,000. Finally, Headlands Technologies LLC acquired a new position in shares of Annovis Bio in the 2nd quarter valued at $89,000. Institutional investors own 15.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ANVS. Roth Capital reduced their target price on Annovis Bio from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, August 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Annovis Bio in a report on Friday, October 2nd. Canaccord Genuity Group reaffirmed a “buy” rating on shares of Annovis Bio in a report on Tuesday, August 18th. Finally, Wall Street Zen cut Annovis Bio from a “sell” rating to a “strong sell” rating in a research report on Monday, September 28th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Annovis Bio has a consensus rating of “Hold” and a consensus price target 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.