Annovis Bio (NYSE:ANVS) Stock Price Down 8.5% – What’s Next?

Annovis Bio, Inc. (NYSE:ANVS) shares were down 8.5% during mid-day trading on Thursday . The stock traded as low as $2.42 and last traded at $2.47. Approximately 248,371 shares changed hands during mid-day trading, a decline of 27% from the average daily volume of 338,595 shares. The stock had previously closed at $2.70.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Annovis Bio in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $13.50.

Annovis Bio Stock Performance

The firm has a market capitalization of $65.46 million, a P/E ratio of -1.72 and a beta of 1.32. The stock has a 50 day moving average of $2.93 and a 200-day moving average of $2.83.

Insider Buying and Selling at Annovis Bio

In other Annovis Bio news, Director Michael B. Hoffman purchased 45,000 shares of the company’s stock in a transaction dated Monday, December 8th. The stock was purchased at an average price of $4.31 per share, for a total transaction of $193,950.00. Following the transaction, the director owned 2,574,739 shares in the company, valued at $11,097,125.09. The trade was a 1.78% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 20.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Annovis Bio

Several hedge funds have recently bought and sold shares of the stock. Marshall Wace LLP purchased a new position in Annovis Bio in the 4th quarter worth approximately $2,511,000. D.A. Davidson & CO. bought a new position in Annovis Bio in the fourth quarter valued at $556,000. OMERS ADMINISTRATION Corp purchased a new stake in Annovis Bio during the fourth quarter valued at about $215,000. Vanguard Group Inc. lifted its stake in Annovis Bio by 5.9% during the third quarter. Vanguard Group Inc. now owns 738,003 shares of the company’s stock worth $1,528,000 after purchasing an additional 41,239 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Annovis Bio by 20.6% during the fourth quarter. Geode Capital Management LLC now owns 222,132 shares of the company’s stock worth $769,000 after purchasing an additional 37,978 shares during the last quarter. 15.83% of the stock is currently owned by institutional investors.

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.