Annovis Bio (NYSE:ANVS) Director Michael Hoffman Purchases 76,344 Shares

Annovis Bio, Inc. (NYSE:ANVS) Director Michael Hoffman bought 76,344 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The shares were acquired at an average price of $1.87 per share, with a total value of $142,763.28. Following the purchase, the director owned 3,364,883 shares in the company, valued at $6,292,331.21. This trade represents a 2.32% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Annovis Bio Trading Up 5.6%

NYSE:ANVS traded up $0.12 during mid-day trading on Thursday, hitting $2.16. 1,237,355 shares of the company’s stock traded hands, compared to its average volume of 1,134,058. The firm has a 50 day moving average of $2.14 and a two-hundred day moving average of $2.82. Annovis Bio, Inc. has a 12 month low of $1.54 and a 12 month high of $5.50. The firm has a market capitalization of $74.67 million, a price-to-earnings ratio of -1.26 and a beta of 1.26.

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

Hedge Funds Weigh In On Annovis Bio

Several hedge funds and other institutional investors have recently modified their holdings of the stock. CWA Asset Management Group LLC lifted its position in shares of Annovis Bio by 30.8% during the 4th quarter. CWA Asset Management Group LLC now owns 17,001 shares of the company’s stock worth $59,000 after buying an additional 4,000 shares during the period. Wells Fargo & Company MN lifted its position in shares of Annovis Bio by 46.8% during the 4th 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 during the period. Bridgeway Capital Management LLC increased its holdings in Annovis Bio by 25.8% during the 4th quarter. Bridgeway Capital Management LLC now owns 24,400 shares of the company’s stock valued at $84,000 after purchasing an additional 5,000 shares in the last quarter. JPMorgan Chase & Co. increased its holdings 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. Finally, RKL Wealth Management LLC acquired a new stake in Annovis Bio during the 4th quarter valued at $35,000. Institutional investors own 15.83% of the company’s stock.

Analysts Set New Price Targets

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

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.