LADENBURG THALM/SH SH Initiates Coverage on Annovis Bio (NYSE:ANVS)

LADENBURG THALM/SH SH initiated coverage on shares of Annovis Bio (NYSE:ANVSGet Rating) in a report issued on Monday, The Fly reports. The firm set a “buy” rating on the stock.

Shares of Annovis Bio stock opened at $9.44 on Monday. Annovis Bio has a 12-month low of $9.23 and a 12-month high of $132.00. The firm has a market cap of $77.07 million, a PE ratio of -6.70 and a beta of 1.89. The stock’s 50-day moving average price is $13.01.

Institutional investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN increased its stake in shares of Annovis Bio by 2,048.0% in the 2nd quarter. Wells Fargo & Company MN now owns 537 shares of the company’s stock valued at $47,000 after purchasing an additional 512 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Annovis Bio in the fourth quarter valued at $29,000. Millennium Management LLC bought a new position in Annovis Bio in the 2nd quarter valued at about $307,000. Wealthspire Advisors LLC boosted its position in shares of Annovis Bio by 50.0% during the third quarter. Wealthspire Advisors LLC now owns 7,500 shares of the company’s stock valued at $238,000 after buying an additional 2,500 shares during the last quarter. Finally, Goldman Sachs Group Inc. bought a new position in shares of Annovis Bio in the fourth quarter valued at approximately $181,000. 13.68% of the stock is owned by institutional investors and hedge funds.

About Annovis Bio (Get Rating)

Annovis Bio, Inc, a clinical stage drug platform company, develops drugs to treat neurodegeneration. The company's lead compound is Buntanetap, an orally administered drug, which has completed Phase 2a clinical trials for the treatment of Alzheimer's disease (AD) and Parkinson's disease, as well as is in clinical trials for Alzheimer's disease in Down Syndrome and other chronic neurodegenerative disorders.

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