Annovis Bio (NYSE:ANVS) Announces Earnings Results, Misses Estimates By $0.23 EPS

Annovis Bio (NYSE:ANVS) issued its quarterly earnings results on Friday. The company reported ($0.63) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.23), Zacks reports.

Annovis Bio Stock Down 2.6%

Annovis Bio stock traded down $0.06 during trading hours on Friday, hitting $2.07. The stock had a trading volume of 854,578 shares, compared to its average volume of 715,620. The stock has a market capitalization of $71.86 million, a P/E ratio of -1.48 and a beta of 1.26. Annovis Bio has a 12-month low of $1.54 and a 12-month high of $5.50. The stock’s 50-day moving average price is $2.19 and its 200-day moving average price is $2.82.

Analyst Ratings Changes

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

Insider Activity at Annovis Bio

In related news, Director Michael B. Hoffman purchased 713,800 shares of Annovis Bio stock in a transaction dated Thursday, April 2nd. The stock was purchased at an average cost of $2.10 per share, for a total transaction of $1,498,980.00. Following the completion of the purchase, the director directly owned 3,288,539 shares of the company’s stock, valued at $6,905,931.90. The trade was a 27.72% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 20.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Annovis Bio

Hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its position in shares of Annovis Bio by 69.3% in the second quarter. JPMorgan Chase & Co. now owns 14,900 shares of the company’s stock worth $32,000 after purchasing an additional 6,100 shares during the period. RKL Wealth Management LLC purchased a new position in shares of Annovis Bio in the fourth quarter worth $35,000. Wells Fargo & Company MN lifted its holdings in shares of Annovis Bio by 46.8% in the fourth quarter. Wells Fargo & Company MN now owns 14,307 shares of the company’s stock worth $50,000 after buying an additional 4,561 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of Annovis Bio in the second quarter worth $52,000. Finally, Wealthspire Advisors LLC lifted its holdings in shares of Annovis Bio by 100.0% in the fourth quarter. Wealthspire Advisors LLC now owns 20,000 shares of the company’s stock worth $69,000 after buying an additional 10,000 shares in the last quarter. 15.83% of the stock is currently owned by institutional investors.

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.