Canaccord Genuity Group Reiterates “Buy” Rating for Annovis Bio (NYSE:ANVS)

Annovis Bio (NYSE:ANVS)‘s stock had its “buy” rating restated by investment analysts at Canaccord Genuity Group in a report issued on Tuesday,Benzinga reports. They presently have a $17.00 price target on the stock.

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Annovis Bio in a research report on Monday, December 29th. Two investment 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $13.50.

Annovis Bio Stock Up 2.7%

Shares of ANVS stock traded up $0.05 during mid-day trading on Tuesday, reaching $1.71. The stock had a trading volume of 645,194 shares, compared to its average volume of 615,657. The firm’s 50 day simple moving average is $2.41 and its 200 day simple moving average is $2.83. Annovis Bio has a one year low of $1.19 and a one year high of $5.50. The firm has a market cap of $49.91 million, a PE ratio of -1.22 and a beta of 1.37.

Annovis Bio (NYSE:ANVS) last announced its quarterly earnings data on Friday, March 13th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.08). Sell-side analysts forecast that Annovis Bio will post -2.19 earnings per share for the current fiscal year.

Insider Activity at Annovis Bio

In related news, Director Michael B. Hoffman bought 713,800 shares of the business’s stock in a transaction that occurred on Thursday, April 2nd. The stock was acquired at an average price of $2.10 per share, for a total transaction of $1,498,980.00. Following the transaction, the director directly owned 3,288,539 shares of the company’s stock, valued at $6,905,931.90. This represents a 27.72% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 20.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Annovis Bio

Several institutional investors have recently bought and sold shares of ANVS. Marshall Wace LLP bought a new position in Annovis Bio in the 4th quarter valued at $2,511,000. D.A. Davidson & CO. bought a new position in Annovis Bio in the 4th quarter valued at $556,000. OMERS ADMINISTRATION Corp bought a new position in Annovis Bio in the 4th quarter valued at $215,000. Vanguard Group Inc. raised its position in Annovis Bio by 5.9% in the 3rd quarter. Vanguard Group Inc. now owns 738,003 shares of the company’s stock valued at $1,528,000 after purchasing an additional 41,239 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Annovis Bio by 20.6% in the 4th quarter. Geode Capital Management LLC now owns 222,132 shares of the company’s stock valued at $769,000 after purchasing an additional 37,978 shares during the last quarter. Institutional investors own 15.83% of the company’s stock.

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.