Annovis Bio (NYSE:ANVS) Announces Earnings Results

Annovis Bio (NYSE:ANVS) released its quarterly earnings results on Wednesday. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.01), Zacks reports.

Annovis Bio Trading Down 2.3%

NYSE:ANVS traded down $0.06 during mid-day trading on Thursday, hitting $2.38. 263,536 shares of the company’s stock were exchanged, compared to its average volume of 504,591. Annovis Bio has a fifty-two week low of $1.11 and a fifty-two week high of $7.52. The firm has a market capitalization of $58.05 million, a P/E ratio of -1.14 and a beta of 1.61. The company has a 50 day simple moving average of $2.14 and a 200-day simple moving average of $2.32.

Analyst Ratings Changes

A number of equities analysts have issued reports on ANVS shares. Weiss Ratings restated a “sell (d-)” rating on shares of Annovis Bio in a report on Wednesday, October 8th. HC Wainwright lowered their price target on Annovis Bio from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, September 3rd. Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 price target on shares of Annovis Bio in a report on Tuesday, September 30th. Finally, Zacks Research raised shares of Annovis Bio to a “hold” rating in a research report on Friday, August 8th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Annovis Bio currently has an average rating of “Hold” and an average price target of $13.50.

Insider Activity

In related news, Director Michael B. Hoffman acquired 975,610 shares of Annovis Bio stock in a transaction dated Tuesday, October 28th. The stock was bought at an average price of $2.05 per share, with a total value of $2,000,000.50. Following the transaction, the director directly owned 2,455,539 shares in the company, valued at $5,033,854.95. This represents a 65.92% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Maria-Luisa Maccecchini bought 97,561 shares of the business’s stock in a transaction that occurred on Tuesday, October 28th. The shares were bought at an average cost of $2.05 per share, for a total transaction of $200,000.05. Following the completion of the purchase, the chief executive officer owned 1,212,020 shares of the company’s stock, valued at $2,484,641. This represents a 8.75% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 20.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Annovis Bio by 5.9% during the third quarter. Vanguard Group Inc. now owns 738,003 shares of the company’s stock valued at $1,528,000 after buying an additional 41,239 shares during the last quarter. Marshall Wace LLP acquired a new position in Annovis Bio during the 2nd quarter valued at about $197,000. Geode Capital Management LLC increased its holdings in Annovis Bio by 20.1% during the 2nd 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. Jane Street Group LLC bought a new position in shares of Annovis Bio in the second quarter valued at approximately $52,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Annovis Bio by 69.3% in the second 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. Institutional investors and hedge funds own 15.83% of the company’s stock.

Annovis Bio Company Profile

Annovis Bio, Inc, a clinical stage drug platform company, develops drugs to treat neurodegeneration. The company's lead product candidate is Buntanetap, which has completed three Phase 1/2 clinical trials for the treatment of Alzheimer's disease (AD), Parkinson's disease, and other chronic neurodegenerative diseases.