Stock Traders Buy High Volume of Call Options on Annovis Bio (NYSE:ANVS)

Annovis Bio, Inc. (NYSE:ANVS) saw unusually large options trading on Wednesday. Stock investors bought 2,573 call options on the stock. This is an increase of 235% compared to the average volume of 767 call options.

Annovis Bio Stock Up 0.8%

Annovis Bio stock traded up $0.02 on Wednesday, hitting $1.96. The company’s stock had a trading volume of 1,679,794 shares, compared to its average volume of 727,728. Annovis Bio has a one year low of $1.54 and a one year high of $5.50. The firm has a market cap of $67.74 million, a P/E ratio of -1.14 and a beta of 1.26. The company has a fifty day moving average price of $2.16 and a 200-day moving average price of $2.82.

Annovis Bio (NYSE:ANVS) last issued its earnings results on Friday, May 15th. The company reported ($0.63) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.23).

Insider Activity at Annovis Bio

In other Annovis Bio news, Director Michael B. Hoffman purchased 713,800 shares of the business’s stock in a transaction dated Thursday, April 2nd. The stock was bought at an average cost of $2.10 per share, for a total transaction of $1,498,980.00. Following the completion of the acquisition, the director directly owned 3,288,539 shares in the company, valued at $6,905,931.90. This represents a 27.72% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 20.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Annovis Bio

A number of hedge funds have recently modified their holdings of ANVS. Jane Street Group LLC acquired a new stake in Annovis Bio in the 2nd quarter valued at $52,000. Wells Fargo & Company MN boosted its stake in shares of Annovis Bio by 46.8% in the 4th quarter. Wells Fargo & Company MN now owns 14,307 shares of the company’s stock valued at $50,000 after purchasing an additional 4,561 shares in the last quarter. RKL Wealth Management LLC bought a new stake in shares of Annovis Bio in the 4th quarter worth about $35,000. JPMorgan Chase & Co. lifted 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 during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Annovis Bio in the first quarter valued at about $775,000. 15.83% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

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.