Brokerages Set Annovis Bio, Inc. (NYSE:ANVS) Target Price at $11.67

Annovis Bio, Inc. (NYSE:ANVS) has received an average rating of “Hold” from the five research firms that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $11.3333.

A number of research firms recently weighed in on ANVS. Zacks Research raised shares of Annovis Bio to a “hold” rating in a research note on Thursday, July 9th. Weiss Ratings upgraded shares of Annovis Bio from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. Wall Street Zen raised shares of Annovis Bio from a “strong sell” rating to a “sell” rating in a research report on Saturday. Roth Capital dropped their price objective on shares of Annovis Bio from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, August 27th. Finally, Canaccord Genuity Group reissued a “buy” rating on shares of Annovis Bio in a report on Tuesday, August 18th.

Annovis Bio Stock Down 2.0%

Shares of NYSE:ANVS opened at $1.69 on Wednesday. The business’s 50 day moving average is $1.80 and its 200 day moving average is $2.03. The stock has a market cap of $71.80 million, a P/E ratio of -0.94 and a beta of 1.24. Annovis Bio has a 52-week low of $1.54 and a 52-week high of $5.50.

Annovis Bio (NYSE:ANVS) last issued its earnings results on Friday, August 14th. The company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.05. On average, sell-side analysts anticipate that Annovis Bio will post -1.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC raised its position in shares of Annovis Bio by 20.1% in the 2nd quarter. Geode Capital Management LLC now owns 183,287 shares of the company’s stock worth $398,000 after acquiring an additional 30,674 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Annovis Bio by 69.3% during 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. Marshall Wace LLP bought a new stake in Annovis Bio during the second quarter valued at about $197,000. Jane Street Group LLC purchased a new position in Annovis Bio in the second quarter valued at about $52,000. Finally, Vanguard Group Inc. grew its stake in Annovis Bio by 5.9% in the third quarter. Vanguard Group Inc. now owns 738,003 shares of the company’s stock valued at $1,528,000 after purchasing an additional 41,239 shares during the last quarter. 15.83% of the stock is currently owned by hedge funds and other institutional investors.

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.