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

Key Points

• Canaccord Genuity Group reaffirmed its “Buy” rating on Annovis Bio, while the broader analyst consensus remains “Moderate Buy” with a $11.67 price target.
• Annovis Bio shares rose 0.9% to $1.75, near the lower end of their 12-month range of $1.54 to $5.50. The company reported a quarterly loss of $0.40 per share, beating expectations for a $0.45 loss.
• Director Michael B. Hoffman purchased 76,344 shares, and insiders collectively own 20.8% of the company; institutional investors hold 15.83%.

Annovis Bio (NYSE:ANVS - Get Free Report)'s stock had its "buy" rating reissued by analysts at Canaccord Genuity Group in a research note issued on Tuesday,Benzinga reports.

Other equities research analysts have also recently issued research reports about the company. Zacks Research raised Annovis Bio to a "hold" rating in a research note on Thursday, July 9th. Weiss Ratings upgraded shares of Annovis Bio from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, July 6th. Finally, Roth Capital began coverage on Annovis Bio in a research note on Tuesday, July 7th. They set a "buy" rating and a $8.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $11.67.

Annovis Bio Stock Up 0.9%

Shares of NYSE ANVS traded up $0.01 during trading on Tuesday, reaching $1.75. The company had a trading volume of 180,725 shares, compared to its average volume of 811,545. The company's fifty day moving average price is $1.80 and its 200-day moving average price is $2.10. The stock has a market cap of $60.81 million, a P/E ratio of -0.98 and a beta of 1.25. Annovis Bio has a 12 month low of $1.54 and a 12 month high of $5.50.

Annovis Bio (NYSE:ANVS - Get Free Report) last released its earnings results on Friday, August 14th. The company reported ($0.40) earnings per share for the quarter, beating analysts' consensus estimates of ($0.45) by $0.05. As a group, equities analysts predict that Annovis Bio will post -1.58 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Michael B. Hoffman bought 76,344 shares of the stock in a transaction on Wednesday, May 20th. The shares were acquired at an average cost of $1.87 per share, for a total transaction of $142,763.28. Following the purchase, the director directly owned 3,364,883 shares of the company's stock, valued at $6,292,331.21. This trade represents a 2.32% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 20.80% of the company's stock.

Hedge Funds Weigh In On Annovis Bio

Several institutional investors have recently modified their holdings of the company. Empery Asset Management LP bought a new position in shares of Annovis Bio during the second quarter valued at about $4,466,745,000. Marshall Wace LLP bought a new position in Annovis Bio in the fourth quarter worth about $2,511,000. Renaissance Technologies LLC bought a new position in shares of Annovis Bio in the 1st quarter worth approximately $775,000. BlackRock Inc. bought a new position in Annovis Bio in the second quarter worth $465,000. Finally, D.A. Davidson & CO. purchased a new position in Annovis Bio during the 4th quarter valued at about $556,000. 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.

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