Annovis Bio (NYSE:ANVS) Issues Earnings Results

Annovis Bio (NYSE:ANVS) released its quarterly earnings results on Friday. The company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.05, Zacks reports.

Annovis Bio Price Performance

ANVS stock opened at $1.84 on Friday. Annovis Bio has a 1-year low of $1.54 and a 1-year high of $5.50. The business has a 50 day simple moving average of $1.80 and a two-hundred day simple moving average of $2.11. The company has a market capitalization of $63.93 million, a price-to-earnings ratio of -1.08 and a beta of 1.25.

Insider Activity

In related news, Director Michael B. Hoffman bought 76,344 shares of the stock in a transaction dated Wednesday, May 20th. The shares were purchased at an average price of $1.87 per share, with a total value of $142,763.28. Following the completion of the acquisition, the director owned 3,364,883 shares of the company’s stock, valued at $6,292,331.21. This represents a 2.32% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 20.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Annovis Bio

Several institutional investors have recently bought and sold shares of ANVS. Wells Fargo & Company MN increased its holdings in Annovis Bio by 46.8% in the 4th quarter. Wells Fargo & Company MN now owns 14,307 shares of the company’s stock valued at $50,000 after acquiring an additional 4,561 shares during the last quarter. Bridgeway Capital Management LLC boosted its holdings in shares of Annovis Bio by 25.8% during the 4th quarter. Bridgeway Capital Management LLC now owns 24,400 shares of the company’s stock valued at $84,000 after purchasing an additional 5,000 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of 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. RKL Wealth Management LLC purchased a new position in shares of Annovis Bio during the fourth quarter valued at about $35,000. Finally, Wealthspire Advisors LLC grew its position in shares of Annovis Bio by 100.0% during the fourth quarter. Wealthspire Advisors LLC now owns 20,000 shares of the company’s stock valued at $69,000 after purchasing an additional 10,000 shares in the last quarter. 15.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ANVS shares. Roth Capital assumed coverage on Annovis Bio in a research note on Tuesday, July 7th. They issued a “buy” rating and a $8.00 price objective for the company. Weiss Ratings upgraded Annovis Bio from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Finally, Zacks Research raised Annovis Bio to a “hold” rating in a report 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 given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.