Canaccord Genuity Group Issues Pessimistic Forecast for Annovis Bio (NYSE:ANVS) Stock Price

Annovis Bio (NYSE:ANVS) had its price target cut by equities research analysts at Canaccord Genuity Group from $26.00 to $17.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock.

Separately, D. Boral Capital restated a “hold” rating on shares of Annovis Bio in a research note on Monday, February 10th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Annovis Bio currently has a consensus rating of “Buy” and an average price target of $34.75.

Annovis Bio Stock Performance

Shares of ANVS stock opened at $1.79 on Thursday. Annovis Bio has a fifty-two week low of $1.11 and a fifty-two week high of $17.88. The firm has a market capitalization of $25.48 million, a price-to-earnings ratio of -0.40 and a beta of 1.46. The stock’s 50-day simple moving average is $1.54 and its 200-day simple moving average is $3.76.

Annovis Bio (NYSE:ANVS) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($0.32) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.47) by $0.15. As a group, equities analysts forecast that Annovis Bio will post -2.19 earnings per share for the current year.

Hedge Funds Weigh In On Annovis Bio

Hedge funds and other institutional investors have recently bought and sold shares of the business. Merit Financial Group LLC grew its stake in shares of Annovis Bio by 269.0% during the 4th quarter. Merit Financial Group LLC now owns 98,516 shares of the company’s stock worth $496,000 after purchasing an additional 71,816 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in shares of Annovis Bio during the 4th quarter worth approximately $258,000. Warberg Asset Management LLC acquired a new stake in shares of Annovis Bio during the 1st quarter worth approximately $58,000. Jane Street Group LLC grew its stake in shares of Annovis Bio by 99.7% during the 4th quarter. Jane Street Group LLC now owns 68,107 shares of the company’s stock worth $343,000 after purchasing an additional 34,001 shares during the period. Finally, Greenwich Wealth Management LLC grew its stake in shares of Annovis Bio by 93.9% during the 4th quarter. Greenwich Wealth Management LLC now owns 31,951 shares of the company’s stock worth $161,000 after purchasing an additional 15,476 shares during the period. Institutional investors and hedge funds own 15.83% of the company’s stock.

About Annovis Bio

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.