Annovis Bio (NYSE:ANVS) Announces Earnings Results

Annovis Bio (NYSE:ANVS) announced its quarterly earnings results on Friday. The company reported ($0.63) EPS for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.23), Zacks reports.

Annovis Bio Trading Down 2.6%

Annovis Bio stock traded down $0.06 during mid-day trading on Friday, hitting $2.07. The company had a trading volume of 854,578 shares, compared to its average volume of 979,133. Annovis Bio has a 12 month low of $1.54 and a 12 month high of $5.50. The stock’s 50 day moving average price is $2.18 and its two-hundred day moving average price is $2.82. The company has a market capitalization of $71.86 million, a PE ratio of -1.21 and a beta of 1.26.

Analyst Upgrades and Downgrades

ANVS has been the topic of several analyst reports. 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 reaffirmed a “buy” rating and issued a $17.00 target price on shares of Annovis Bio in a research note on Tuesday, April 14th. Two research 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 currently has a consensus rating of “Hold” and a consensus target price of $13.50.

Insiders Place Their Bets

In related news, Director Michael B. Hoffman bought 713,800 shares of the stock in a transaction on Thursday, April 2nd. The shares were acquired at an average price of $2.10 per share, for a total transaction of $1,498,980.00. Following the purchase, the director owned 3,288,539 shares of the company’s stock, valued at approximately $6,905,931.90. The trade was a 27.72% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 20.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Wells Fargo & Company MN raised its position in Annovis Bio by 46.8% in the fourth quarter. Wells Fargo & Company MN now owns 14,307 shares of the company’s stock worth $50,000 after acquiring an additional 4,561 shares during the period. Bridgeway Capital Management LLC grew its position in shares of Annovis Bio by 25.8% during the 4th quarter. Bridgeway Capital Management LLC now owns 24,400 shares of the company’s stock valued at $84,000 after acquiring an additional 5,000 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Annovis Bio by 69.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 14,900 shares of the company’s stock worth $32,000 after purchasing an additional 6,100 shares in the last quarter. RKL Wealth Management LLC purchased a new stake in shares of Annovis Bio in the 4th quarter worth $35,000. Finally, Wealthspire Advisors LLC raised its holdings in Annovis Bio by 100.0% in the 4th quarter. Wealthspire Advisors LLC now owns 20,000 shares of the company’s stock worth $69,000 after purchasing an additional 10,000 shares during the period. 15.83% of the stock is owned by hedge funds and other institutional investors.

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.