Annovis Bio Sees Unusually High Options Volume (NYSE:ANVS)

Annovis Bio, Inc. (NYSE:ANVS) saw unusually large options trading on Tuesday. Stock traders acquired 3,923 call options on the company. This is an increase of approximately 118% compared to the average volume of 1,803 call options.

Annovis Bio Stock Performance

Annovis Bio stock opened at $10.01 on Wednesday. The company has a market capitalization of $110.21 million, a PE ratio of -1.61 and a beta of 1.59. Annovis Bio has a fifty-two week low of $5.42 and a fifty-two week high of $22.49. The firm has a 50 day moving average price of $10.39 and a 200 day moving average price of $10.11.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Canaccord Genuity Group assumed coverage on shares of Annovis Bio in a research note on Friday, December 29th. They set a “buy” rating and a $36.00 target price on the stock. Canaccord Genuity Group began coverage on shares of Annovis Bio in a research report on Friday, December 29th. They set a “buy” rating and a $36.00 price target on the stock. Brookline Capital Management lowered Annovis Bio from a “buy” rating to a “hold” rating and set a $9.00 price objective for the company. in a research report on Wednesday, February 28th. Finally, HC Wainwright reissued a “buy” rating and set a $30.00 target price on shares of Annovis Bio in a research note on Tuesday, April 2nd.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Annovis Bio by 30.5% in the 4th quarter. Vanguard Group Inc. now owns 337,354 shares of the company’s stock valued at $6,309,000 after buying an additional 78,824 shares during the period. Adage Capital Partners GP L.L.C. acquired a new position in Annovis Bio in the 3rd quarter valued at about $2,847,000. Worth Venture Partners LLC purchased a new stake in Annovis Bio during the second quarter worth about $1,495,000. BlackRock Inc. lifted its position in shares of Annovis Bio by 3.2% during the second quarter. BlackRock Inc. now owns 97,293 shares of the company’s stock worth $1,390,000 after purchasing an additional 3,047 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Annovis Bio by 18.6% during the first quarter. Geode Capital Management LLC now owns 51,650 shares of the company’s stock worth $796,000 after purchasing an additional 8,092 shares in the last quarter. 15.83% of the stock is currently owned by hedge funds and other institutional investors.

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 is in Phase 3 clinical trials for the treatment of Alzheimer's disease (AD), Parkinson's disease, and other chronic neurodegenerative diseases.