Annovis Bio (NYSE:ANVS) Releases Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Annovis Bio (NYSE:ANVS) issued its quarterly earnings results on Friday. The company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.04, Zacks reports.

Annovis Bio Trading Up 3.1%

Annovis Bio stock traded up $0.06 during mid-day trading on Friday, hitting $1.84. The company had a trading volume of 949,712 shares, compared to its average volume of 816,828. The company has a market capitalization of $63.93 million, a price-to-earnings ratio of -1.08 and a beta of 1.25. The company’s fifty day moving average is $1.80 and its 200-day moving average is $2.11. Annovis Bio has a 12-month low of $1.54 and a 12-month high of $5.50.

Insiders Place Their Bets

In other Annovis Bio news, Director Michael B. Hoffman purchased 76,344 shares of the stock in a transaction on Wednesday, May 20th. The shares were bought at an average price of $1.87 per share, for a total transaction of $142,763.28. Following the completion of the transaction, the director owned 3,364,883 shares of the company’s stock, valued at $6,292,331.21. This trade represents a 2.32% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 20.80% of the company’s stock.

Institutional Investors Weigh In On Annovis Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in ANVS. Geode Capital Management LLC increased its position in shares of Annovis Bio by 20.1% during the second quarter. Geode Capital Management LLC now owns 183,287 shares of the company’s stock worth $398,000 after purchasing an additional 30,674 shares in the last quarter. JPMorgan Chase & Co. raised its holdings 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 valued at $32,000 after purchasing an additional 6,100 shares in the last quarter. Marshall Wace LLP purchased a new stake in Annovis Bio during the 2nd quarter worth about $197,000. Jane Street Group LLC acquired a new position in Annovis Bio during the second quarter worth approximately $52,000. Finally, Vanguard Group Inc. grew its position in Annovis Bio by 5.9% during the 3rd quarter. Vanguard Group Inc. now owns 738,003 shares of the company’s stock worth $1,528,000 after purchasing an additional 41,239 shares during the last quarter. Hedge funds and other institutional investors own 15.83% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on ANVS shares. Weiss Ratings raised shares of Annovis Bio from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Roth Capital started coverage on Annovis Bio in a research note on Tuesday, July 7th. They set a “buy” rating and a $8.00 target price on the stock. Finally, Zacks Research upgraded Annovis Bio to a “hold” rating in a research note on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $11.67.

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.