Annovis Bio (NYSE:ANVS) Announces Earnings Results

Annovis Bio (NYSE:ANVS) posted its quarterly earnings results on Friday. The company reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.05, Zacks reports.

Annovis Bio Trading Up 3.1%

ANVS stock opened at $1.84 on Friday. The firm has a market cap of $63.93 million, a PE ratio of -1.03 and a beta of 1.25. The stock has a 50-day moving average price of $1.80 and a 200-day moving average price of $2.11. Annovis Bio has a 1-year low of $1.54 and a 1-year high of $5.50.

Insider Buying and Selling

In other Annovis Bio news, Director Michael B. Hoffman bought 76,344 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The stock was acquired at an average price of $1.87 per share, with a total value of $142,763.28. Following the completion of the purchase, the director directly owned 3,364,883 shares of the company’s stock, valued at approximately $6,292,331.21. This trade represents a 2.32% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 20.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Annovis Bio

A number of institutional investors and hedge funds have recently modified their holdings of the business. 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 acquired a new position in shares of Annovis Bio during the 4th quarter valued at $35,000. 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 valued at $50,000 after acquiring an additional 4,561 shares during the period. Jane Street Group LLC acquired a new position in shares of Annovis Bio during the 2nd quarter valued at $52,000. Finally, Wealthspire Advisors LLC boosted its stake in Annovis Bio by 100.0% during the fourth quarter. Wealthspire Advisors LLC now owns 20,000 shares of the company’s stock worth $69,000 after acquiring an additional 10,000 shares in the last quarter. 15.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on ANVS shares. Zacks Research upgraded Annovis Bio to a “hold” rating in a report on Thursday, July 9th. Roth Capital began coverage on Annovis Bio in a research note on Tuesday, July 7th. They issued a “buy” rating and a $8.00 price objective on the stock. Finally, Weiss Ratings upgraded Annovis Bio from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $11.67.

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.