Annovis Bio (NYSE:ANVS) Shares Down 2.3% – What’s Next?

Shares of Annovis Bio, Inc. (NYSE:ANVS) were down 2.3% during trading on Monday. The stock traded as low as $0.95 and last traded at $0.9710. 641,348 shares changed hands during trading, a decline of 17% from the average session volume of 772,392 shares. The stock had previously closed at $0.9934.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ANVS. Weiss Ratings restated a “sell (d-)” rating on shares of Annovis Bio in a research note on Friday, October 2nd. Canaccord Genuity Group reiterated a “buy” rating on shares of Annovis Bio in a research note on Tuesday, August 18th. Zacks Research upgraded shares of Annovis Bio to a “hold” rating in a research note on Thursday, July 9th. Wall Street Zen downgraded shares of Annovis Bio from a “sell” rating to a “strong sell” rating in a report on Monday, September 28th. Finally, Roth Capital cut their target price on shares of Annovis Bio from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, August 27th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $12.00.

Annovis Bio Stock Performance

The firm has a 50 day moving average of $1.38 and a two-hundred day moving average of $1.72. The stock has a market cap of $42.42 million, a P/E ratio of -0.56 and a beta of 1.23.

Annovis Bio (NYSE:ANVS) last released its earnings results on Friday, August 14th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.05. On average, sell-side analysts anticipate that Annovis Bio, Inc. will post -1.32 EPS for the current fiscal year.

Institutional Investors Weigh In On Annovis Bio

Hedge funds and other institutional investors have recently modified their holdings of the stock. Empery Asset Management LP bought a new position in Annovis Bio during the second quarter worth $4,466,745. Renaissance Technologies LLC acquired a new position in Annovis Bio during the 1st quarter valued at $775,000. BlackRock Inc. acquired a new position in Annovis Bio during the 2nd quarter valued at $465,000. GSA Capital Partners LLP bought a new stake in Annovis Bio in the 2nd quarter valued at $93,000. Finally, Headlands Technologies LLC bought a new stake in Annovis Bio in the 2nd quarter valued at $89,000. Institutional investors and hedge funds own 15.83% of the company’s stock.

Annovis Bio Company Profile

Annovis Bio, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for neurodegenerative diseases, including Alzheimer’s disease and Parkinson’s disease. The company’s research centers on treatments designed to address the underlying mechanisms that contribute to the accumulation of multiple neurotoxic proteins in the brain.

Annovis’ lead drug candidate is buntanetap, formerly known as ANVS401. The orally administered small-molecule therapy is being developed to reduce the production of several neurotoxic proteins, including amyloid beta, tau and alpha-synuclein, which are associated with neurodegenerative disorders.