Roth Capital Upgrades Annovis Bio (NYSE:ANVS) to Strong-Buy

Annovis Bio (NYSE:ANVS) was upgraded by investment analysts at Roth Capital to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

ANVS has been the topic of a number of other research reports. Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 price objective on shares of Annovis Bio in a research note on Tuesday, April 14th. Weiss Ratings raised Annovis Bio from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday. One equities research 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 issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $11.67.

Annovis Bio Price Performance

Shares of Annovis Bio stock opened at $1.97 on Tuesday. Annovis Bio has a 1-year low of $1.54 and a 1-year high of $5.50. The business’s fifty day moving average price is $1.95 and its two-hundred day moving average price is $2.42. The company has a market capitalization of $68.09 million, a P/E ratio of -1.15 and a beta of 1.19.

Annovis Bio (NYSE:ANVS) last released its quarterly earnings results on Friday, May 15th. The company reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.23).

Insider Activity at Annovis Bio

In other Annovis Bio news, Director Michael B. Hoffman bought 76,344 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The stock was acquired at an average cost 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 in the company, valued at approximately $6,292,331.21. This trade represents a 2.32% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 20.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Annovis Bio

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Annovis Bio by 5.9% in the 3rd quarter. Vanguard Group Inc. now owns 738,003 shares of the company’s stock worth $1,528,000 after acquiring an additional 41,239 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Annovis Bio during the fourth quarter valued at $2,511,000. Renaissance Technologies LLC acquired a new position in shares of Annovis Bio in the 1st quarter valued at $775,000. Geode Capital Management LLC boosted its position in shares of 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 period. Finally, D.A. Davidson & CO. acquired a new position in shares of Annovis Bio in the 4th quarter valued at $556,000. Institutional investors and hedge funds 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.