Empery Asset Management LP Takes $4.47 Billion Position in Annovis Bio, Inc. $ANVS

Empery Asset Management LP bought a new position in shares of Annovis Bio, Inc. (NYSE:ANVS) in the 2nd quarter, Holdings Channel reports. The fund bought 2,401,476 shares of the company’s stock, valued at approximately $4,466,745,000. Annovis Bio accounts for 5.2% of Empery Asset Management LP’s portfolio, making the stock its 6th largest position. Empery Asset Management LP owned approximately 0.07% of Annovis Bio at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp acquired a new position in Annovis Bio in the second quarter valued at approximately $29,000. Quadcap Wealth Management LLC acquired a new stake in shares of Annovis Bio during the 2nd quarter worth approximately $30,000. JPMorgan Chase & Co. grew its position in shares of Annovis Bio by 69.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 14,900 shares of the company’s stock worth $32,000 after buying an additional 6,100 shares during the period. RKL Wealth Management LLC bought a new stake in shares of Annovis Bio in the 4th quarter valued at $35,000. Finally, RFG Advisory LLC bought a new stake in shares of Annovis Bio in the 4th quarter valued at $43,000. 15.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on ANVS shares. Canaccord Genuity Group reissued a “buy” rating on shares of Annovis Bio in a research note on Tuesday. Weiss Ratings raised shares of Annovis Bio from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, July 6th. Zacks Research upgraded shares of Annovis Bio to a “hold” rating in a report on Thursday, July 9th. Finally, Roth Capital initiated coverage on shares of Annovis Bio in a research report on Tuesday, July 7th. They set a “buy” rating and a $8.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Annovis Bio currently has a consensus rating of “Moderate Buy” and an average target price of $11.67.

Annovis Bio Stock Performance

Shares of Annovis Bio stock opened at $1.81 on Friday. The stock has a market capitalization of $77.12 million, a PE ratio of -1.01 and a beta of 1.25. Annovis Bio, Inc. has a 52 week low of $1.54 and a 52 week high of $5.50. The stock has a 50 day moving average price of $1.80 and a two-hundred day moving average price of $2.07.

Annovis Bio (NYSE:ANVS) last issued its earnings results on Friday, August 14th. The company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.05. Research analysts forecast that Annovis Bio, Inc. will post -1.58 EPS for the current year.

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.