Insider Buying: Annovis Bio (NYSE:ANVS) CEO Purchases 97,561 Shares of Stock

Annovis Bio, Inc. (NYSE:ANVS) CEO Maria-Luisa Maccecchini bought 97,561 shares of the company’s stock in a transaction on Tuesday, October 28th. The stock was bought at an average cost of $2.05 per share, with a total value 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 approximately $2,484,641. The trade was a 8.75% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Annovis Bio Trading Up 7.1%

Shares of Annovis Bio stock traded up $0.15 during midday trading on Wednesday, reaching $2.26. The company had a trading volume of 360,289 shares, compared to its average volume of 499,318. The stock has a fifty day simple moving average of $2.14 and a 200 day simple moving average of $2.32. Annovis Bio, Inc. has a 1-year low of $1.11 and a 1-year high of $7.77. The company has a market capitalization of $55.23 million, a price-to-earnings ratio of -1.11 and a beta of 1.61.

Annovis Bio (NYSE:ANVS) last announced its earnings results on Friday, November 14th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.01). Sell-side analysts expect that Annovis Bio, Inc. will post -2.19 earnings per share for the current year.

Institutional Investors Weigh In On Annovis Bio

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ANVS. Warberg Asset Management LLC bought a new stake in Annovis Bio during the 1st quarter valued at approximately $58,000. Geode Capital Management LLC boosted 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 valued at $398,000 after purchasing an additional 30,674 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Annovis Bio by 69.3% in the second quarter. JPMorgan Chase & Co. now owns 14,900 shares of the company’s stock worth $32,000 after purchasing an additional 6,100 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Annovis Bio during the 2nd quarter valued at $197,000. Finally, Jane Street Group LLC bought a new position in shares of Annovis Bio in the 2nd quarter worth about $52,000. 15.83% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

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.