Wall Street Zen Upgrades Annovis Bio (NYSE:ANVS) to “Sell”

Annovis Bio (NYSE:ANVS) was upgraded by investment analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research note issued on Sunday, Wall Street Zen reports.

Several other brokerages also recently weighed in on ANVS. Zacks Research upgraded shares of Annovis Bio to a “hold” rating in a research report on Thursday, July 9th. Weiss Ratings raised shares of Annovis Bio from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Canaccord Genuity Group reiterated a “buy” rating on shares of Annovis Bio in a research note on Tuesday, August 18th. Finally, Roth Capital cut their price target on shares of Annovis Bio from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, August 27th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $12.00.

Annovis Bio Stock Performance

ANVS opened at $1.19 on Friday. Annovis Bio has a one year low of $1.04 and a one year high of $5.50. The company has a market cap of $50.58 million, a P/E ratio of -0.66 and a beta of 1.24. The business’s 50-day simple moving average is $1.63 and its 200-day simple moving average is $1.90.

Annovis Bio (NYSE:ANVS) last posted its earnings results on Friday, August 14th. The company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.05. As a group, analysts predict that Annovis Bio will post -1.32 earnings per share for the current fiscal year.

Institutional Trading of Annovis Bio

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Empery Asset Management LP acquired a new position in shares of Annovis Bio in the second quarter valued at approximately $4,466,745. Renaissance Technologies LLC purchased a new stake in shares of Annovis Bio during the first quarter worth approximately $775,000. Headlands Technologies LLC acquired a new stake in shares of Annovis Bio during the second quarter worth $89,000. BlackRock Inc. acquired a new stake in shares of Annovis Bio during the second quarter worth $465,000. Finally, Bank of New York Mellon Corp purchased a new position in Annovis Bio in the 2nd quarter valued at $29,000. 15.83% of the stock is owned by hedge funds and other institutional investors.

About Annovis Bio

Annovis Bio, Inc (NYSE: ANVS) is a clinical-stage biopharmaceutical company focused on developing treatments for neurodegenerative diseases, including Alzheimer’s disease and Parkinson’s disease. The company is headquartered in Berwyn, Pennsylvania, and its research centers on therapies intended to address mechanisms associated with the accumulation of toxic proteins in the brain.

Annovis Bio’s lead investigational product is buntanetap, formerly known as ANVS401. The orally administered small-molecule drug is designed to inhibit the production of multiple neurotoxic proteins implicated in neurodegenerative disorders.