Annovis Bio (NYSE:ANVS) Releases Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Annovis Bio (NYSE:ANVS) issued its quarterly earnings data on Friday. The company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.08, Zacks reports.

Annovis Bio Stock Up 11.0%

Annovis Bio stock traded up $0.09 during trading on Friday, hitting $0.94. The stock had a trading volume of 1,353,753 shares, compared to its average volume of 1,082,357. The stock’s 50 day moving average is $1.11 and its two-hundred day moving average is $1.83. Annovis Bio has a 1 year low of $0.62 and a 1 year high of $5.50. The stock has a market cap of $40.44 million, a price-to-earnings ratio of -0.53 and a beta of 1.36.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Canaccord Genuity Group reiterated a “buy” rating on shares of Annovis Bio in a report on Tuesday, August 18th. Weiss Ratings lowered shares of Annovis Bio from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday. Roth Capital reduced their price objective on shares of Annovis Bio from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, August 27th. Finally, Wall Street Zen lowered shares of Annovis Bio from a “sell” rating to a “strong sell” rating in a research note on Monday, September 28th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $12.00.

Insider Buying and Selling at Annovis Bio

In other news, Director Michael Hoffman acquired 5,000,000 shares of the firm’s stock in a transaction that occurred on Friday, November 6th. The stock was bought at an average price of $1.00 per share, with a total value of $5,000,000.00. Following the acquisition, the director owned 8,364,883 shares in the company, valued at $8,364,883. The trade was a 148.59% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 15.92% of the company’s stock.

About Annovis Bio

Annovis Bio, Inc. is a clinical-stage biopharmaceutical company focused on developing treatments for neurodegenerative diseases, including Alzheimer’s disease and Parkinson’s disease. The company’s research centers on therapies designed to address mechanisms associated with neurodegeneration rather than treating only individual symptoms. Annovis Bio’s lead product candidate is buntanetap, formerly known as ANVS401. Buntanetap is an orally administered small molecule being investigated for its potential to reduce the production of multiple neurotoxic proteins linked to neurodegenerative disorders.