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

Key Points

• Wall Street Zen downgraded Annovis Bio to “strong sell” from “sell,” though analyst opinions remain mixed; the consensus rating is “hold” with an average price target of $12.
• Annovis Bio shares opened at $1.12, near their 52-week low of $1.10, with the stock well below its 50-day and 200-day moving averages. The company has a market capitalization of approximately $47.9 million.
• The company reported a quarterly loss of $0.40 per share, better than the expected $0.45 loss, while analysts project a full-year loss of $1.32 per share. Institutional investors and hedge funds own 15.83% of the stock.

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 research note issued to investors on Saturday, Wall Street Zen reports.

Other equities research analysts have also recently issued research reports about the stock. Zacks Research upgraded shares of Annovis Bio to a "hold" rating in a research report on Thursday, July 9th. Roth Capital decreased their price objective on shares of Annovis Bio from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Thursday, August 27th. Canaccord Genuity Group reiterated a "buy" rating on shares of Annovis Bio in a research note on Tuesday, August 18th. Finally, Weiss Ratings raised Annovis Bio from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, July 6th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $12.00.

Annovis Bio Price Performance

Shares of NYSE:ANVS opened at $1.12 on Friday. The business's fifty day moving average price is $1.72 and its two-hundred day moving average price is $1.97. Annovis Bio has a fifty-two week low of $1.10 and a fifty-two week high of $5.50. The stock has a market capitalization of $47.93 million, a price-to-earnings ratio of -0.63 and a beta of 1.24.

Annovis Bio (NYSE:ANVS - Get Free Report) last issued its quarterly earnings data 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. Research analysts expect that Annovis Bio will post -1.32 EPS for the current fiscal year.

Institutional Investors Weigh In On Annovis Bio

Hedge funds and other institutional investors have recently made changes to their positions in the company. Headlands Technologies LLC bought a new stake in shares of Annovis Bio during the second quarter worth $89,000. Empery Asset Management LP bought a new position in Annovis Bio in the second quarter valued at about $4,466,745. BlackRock Inc. acquired a new stake in Annovis Bio in the second quarter worth about $465,000. Bank of New York Mellon Corp acquired a new stake in Annovis Bio in the second quarter worth about $29,000. Finally, GSA Capital Partners LLP bought a new stake in Annovis Bio during the 2nd quarter worth about $93,000. 15.83% of the stock is owned by institutional investors and hedge funds.

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.

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