Annovis Bio (NYSE:ANVS) Downgraded by Wall Street Zen to Strong Sell

Key Points

• Wall Street Zen downgraded Annovis Bio to “strong sell” from “sell,” although analyst opinions remain mixed. The overall consensus rating is “Hold,” with a consensus price target of $12.00.
• Annovis Bio shares opened at $1.31, with a market capitalization of approximately $56.12 million, a 52-week range of $1.04 to $5.50, and declining 50-day and 200-day moving averages.
• The clinical-stage biopharmaceutical company reported a quarterly loss of $0.40 per share, beating estimates by $0.05. Its lead drug candidate, buntanetap, is being developed to treat neurodegenerative diseases including Alzheimer’s and Parkinson’s.

Annovis Bio (NYSE:ANVS - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a note issued to investors on Monday, Wall Street Zen reports.

Several other equities research analysts have also recently weighed in on ANVS. Weiss Ratings upgraded Annovis Bio from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, July 6th. Zacks Research raised Annovis Bio to a "hold" rating in a research note on Thursday, July 9th. Roth Capital lowered their price objective on Annovis Bio from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Thursday, August 27th. Finally, Canaccord Genuity Group reissued a "buy" rating on shares of Annovis Bio in a research note on Tuesday, August 18th. 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 company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $12.00.

Annovis Bio Stock Up 0.4%

Shares of NYSE:ANVS opened at $1.31 on Monday. The stock has a market cap of $56.12 million, a PE ratio of -0.73 and a beta of 1.24. The company's fifty day moving average is $1.59 and its 200 day moving average is $1.87. Annovis Bio has a 52 week low of $1.04 and a 52 week high of $5.50.

Annovis Bio (NYSE:ANVS - Get Free Report) last posted its quarterly earnings results on Friday, August 14th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.05. Sell-side analysts anticipate that Annovis Bio will post -1.32 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp purchased a new stake in Annovis Bio in the 2nd quarter worth approximately $29,000. Quadcap Wealth Management LLC purchased a new position in shares of Annovis Bio during the second quarter valued at approximately $30,000. Gill Capital Partners LLC bought a new position in shares of Annovis Bio during the fourth quarter valued at approximately $64,000. Headlands Technologies LLC bought a new position in shares of Annovis Bio during the second quarter valued at approximately $89,000. Finally, GSA Capital Partners LLP purchased a new stake in Annovis Bio in the second quarter worth $93,000. Hedge funds and other institutional investors own 15.83% of the company's stock.

Annovis Bio Company Profile

Annovis Bio, Inc NYSE: ANVS is a clinical-stage biopharmaceutical company focused on developing treatments for neurodegenerative diseases, including Alzheimer's disease and Parkinson's disease. The company is headquartered in Berwyn, Pennsylvania, and its research centers on therapies intended to address mechanisms associated with the accumulation of toxic proteins in the brain.

Annovis Bio's lead investigational product is buntanetap, formerly known as ANVS401. The orally administered small-molecule drug is designed to inhibit the production of multiple neurotoxic proteins implicated in neurodegenerative disorders.

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