Annovis Bio (NYSE:ANVS) Trading Down 8.5% – What’s Next?

Annovis Bio, Inc. (NYSE:ANVS) fell 8.5% during trading on Thursday . The company traded as low as $2.42 and last traded at $2.47. 248,371 shares traded hands during trading, a decline of 27% from the average session volume of 338,595 shares. The stock had previously closed at $2.70.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Annovis Bio in a research report on Monday, December 29th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Annovis Bio presently has an average rating of “Hold” and a consensus target price of $13.50.

Annovis Bio Trading Up 0.4%

The stock has a market capitalization of $65.99 million, a PE ratio of -1.73 and a beta of 1.32. The firm’s 50-day moving average price is $2.90 and its 200-day moving average price is $2.83.

Insider Transactions at Annovis Bio

In related news, Director Michael B. Hoffman acquired 45,000 shares of the stock in a transaction dated Monday, December 8th. The stock was acquired at an average cost of $4.31 per share, with a total value of $193,950.00. Following the purchase, the director directly owned 2,574,739 shares of the company’s stock, valued at approximately $11,097,125.09. This trade represents a 1.78% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 20.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Annovis Bio

Large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised 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 buying an additional 6,100 shares during the period. RKL Wealth Management LLC purchased a new position in Annovis Bio during the fourth quarter worth $35,000. RFG Advisory LLC bought a new position in Annovis Bio during the fourth quarter valued at $43,000. Wells Fargo & Company MN increased its position in Annovis Bio by 46.8% during the fourth 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 last quarter. Finally, Jane Street Group LLC purchased a new stake in shares of Annovis Bio in the second quarter valued at $52,000. Institutional investors own 15.83% of the company’s stock.

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.