Annovis Bio (NYSE:ANVS) Given “Buy” Rating at Canaccord Genuity Group

Canaccord Genuity Group restated their buy rating on shares of Annovis Bio (NYSE:ANVS) in a research report report published on Tuesday morning,Benzinga reports. The firm currently has a $17.00 target price on the stock.

Separately, Weiss Ratings reaffirmed 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 given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $13.50.

Annovis Bio Trading Up 3.6%

NYSE ANVS opened at $1.72 on Tuesday. The stock has a market capitalization of $50.34 million, a price-to-earnings ratio of -1.23 and a beta of 1.37. Annovis Bio has a twelve month low of $1.19 and a twelve month high of $5.50. The stock has a 50-day moving average of $2.40 and a 200 day moving average of $2.83.

Annovis Bio (NYSE:ANVS) last released its quarterly earnings results on Friday, March 13th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.08). Equities analysts predict that Annovis Bio will post -2.19 EPS for the current fiscal year.

Insider Activity at Annovis Bio

In other news, Director Michael B. Hoffman bought 713,800 shares of Annovis Bio stock in a transaction on Thursday, April 2nd. The stock was acquired at an average price of $2.10 per share, with a total value of $1,498,980.00. Following the completion of the acquisition, the director directly owned 3,288,539 shares of the company’s stock, valued at $6,905,931.90. The trade was a 27.72% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 20.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Annovis Bio

A number of hedge funds have recently made changes to their positions in the company. CWA Asset Management Group LLC raised its holdings in shares of Annovis Bio by 30.8% during the fourth quarter. CWA Asset Management Group LLC now owns 17,001 shares of the company’s stock valued at $59,000 after acquiring an additional 4,000 shares during the last quarter. Wells Fargo & Company MN increased its holdings in shares of Annovis Bio by 46.8% in the fourth quarter. Wells Fargo & Company MN now owns 14,307 shares of the company’s stock valued at $50,000 after purchasing an additional 4,561 shares during the last quarter. Bridgeway Capital Management LLC increased its holdings in shares of Annovis Bio by 25.8% in the fourth quarter. Bridgeway Capital Management LLC now owns 24,400 shares of the company’s stock valued at $84,000 after purchasing an additional 5,000 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Annovis Bio by 69.3% in the second quarter. JPMorgan Chase & Co. now owns 14,900 shares of the company’s stock valued at $32,000 after purchasing an additional 6,100 shares during the last quarter. Finally, RKL Wealth Management LLC acquired a new stake in shares of Annovis Bio in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 15.83% of the company’s stock.

About Annovis Bio

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.