Annovis Bio (NYSE:ANVS) Raised to “Hold” at Zacks Research

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

ANVS has been the subject of a number of other research reports. Weiss Ratings raised shares of Annovis Bio from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 target price on shares of Annovis Bio in a report on Tuesday, April 14th. Finally, Roth Capital assumed coverage on Annovis Bio in a research note on Tuesday. They issued a “buy” rating and a $8.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $11.67.

Annovis Bio Trading Down 4.5%

NYSE ANVS traded down $0.09 on Thursday, hitting $1.86. 1,166,406 shares of the stock traded hands, compared to its average volume of 852,737. The stock has a 50-day moving average of $1.96 and a 200 day moving average of $2.40. Annovis Bio has a twelve month low of $1.54 and a twelve month high of $5.50. The company has a market capitalization of $64.55 million, a P/E ratio of -1.09 and a beta of 1.19.

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

Insider Buying and Selling

In other Annovis Bio news, Director Michael B. Hoffman purchased 76,344 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were purchased at an average cost of $1.87 per share, for a total transaction of $142,763.28. Following the completion of the transaction, the director owned 3,364,883 shares in the company, valued at $6,292,331.21. The trade was a 2.32% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 20.80% of the company’s stock.

Hedge Funds Weigh In On Annovis Bio

Large investors have recently made changes to their positions in the business. Marshall Wace LLP bought a new stake in shares of Annovis Bio in the 4th quarter worth approximately $2,511,000. Renaissance Technologies LLC bought a new stake in Annovis Bio during the first quarter worth approximately $775,000. D.A. Davidson & CO. acquired a new position in Annovis Bio in the fourth quarter worth approximately $556,000. OMERS ADMINISTRATION Corp acquired a new position in Annovis Bio in the fourth quarter worth approximately $215,000. Finally, Vanguard Group Inc. grew its position in Annovis Bio by 5.9% in the third quarter. Vanguard Group Inc. now owns 738,003 shares of the company’s stock worth $1,528,000 after buying an additional 41,239 shares during the last quarter. Institutional investors own 15.83% of the company’s stock.

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.