Annovis Bio (NYSE:ANVS) Raised to Sell at Wall Street Zen

Key Points

• Wall Street Zen upgraded Annovis Bio from “strong sell” to “sell,” while the broader analyst consensus remains “Hold” with an average price target of $11.33.
• ANVS opened at $1.72, near its 12-month low of $1.54 and well below its high of $5.50; the company has a market capitalization of about $73.3 million.
• Annovis Bio reported a quarterly loss of $0.40 per share, beating estimates of a $0.45 loss. The clinical-stage biotech is developing therapies for neurodegenerative and neuroinflammatory diseases, including Alzheimer’s and Parkinson’s.

Annovis Bio (NYSE:ANVS - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

A number of other brokerages have also weighed in on ANVS. Canaccord Genuity Group restated a "buy" rating on shares of Annovis Bio in a report on Tuesday, August 18th. Zacks Research upgraded Annovis Bio to a "hold" rating in a research note on Thursday, July 9th. Roth Capital decreased their price target on Annovis Bio from $8.00 to $7.00 and set a "buy" rating for the company in a report on Thursday. Finally, Weiss Ratings upgraded Annovis Bio from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, July 6th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $11.33.

Annovis Bio Price Performance

ANVS opened at $1.72 on Friday. Annovis Bio has a 12 month low of $1.54 and a 12 month high of $5.50. The stock has a market capitalization of $73.29 million, a price-to-earnings ratio of -0.96 and a beta of 1.25. The business has a fifty day moving average price of $1.80 and a 200 day moving average price of $2.04.

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 analysts' consensus estimates of ($0.45) by $0.05. On average, research analysts anticipate that Annovis Bio will post -1.58 earnings per share for the current year.

Hedge Funds Weigh In On Annovis Bio

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC grew its holdings in Annovis Bio by 20.1% in the second quarter. Geode Capital Management LLC now owns 183,287 shares of the company's stock valued at $398,000 after purchasing an additional 30,674 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Annovis Bio by 69.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 14,900 shares of the company's stock worth $32,000 after buying an additional 6,100 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Annovis Bio during the 2nd quarter worth $197,000. Jane Street Group LLC purchased a new stake in shares of Annovis Bio in the 2nd quarter worth about $52,000. Finally, Vanguard Group Inc. grew its stake in Annovis Bio by 5.9% in the 3rd quarter. Vanguard Group Inc. now owns 738,003 shares of the company's stock valued at $1,528,000 after acquiring an additional 41,239 shares during the last quarter. 15.83% of the stock is owned by institutional investors and hedge funds.

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.

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