Annovis Bio (NYSE:ANVS) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Key Points

• Annovis Bio beat quarterly EPS estimates, reporting a loss of $0.40 per share versus the consensus estimate of a $0.44 loss.
• ANVS shares traded around $1.84, near the lower end of their 52-week range of $1.54 to $5.50; the company’s market capitalization was approximately $63.9 million.
• Analyst sentiment was broadly positive, with a consensus “Moderate Buy” rating and an average price target of $11.67, while director Michael B. Hoffman purchased 76,344 shares.

Annovis Bio (NYSE:ANVS - Get Free Report) issued its quarterly earnings data on Friday. The company reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.04, Zacks reports.

Annovis Bio Price Performance

Shares of NYSE ANVS traded up $0.06 during mid-day trading on Friday, reaching $1.84. 949,707 shares of the company traded hands, compared to its average volume of 816,828. Annovis Bio has a fifty-two week low of $1.54 and a fifty-two week high of $5.50. The firm has a market cap of $63.93 million, a PE ratio of -1.08 and a beta of 1.25. The stock has a fifty day simple moving average of $1.80 and a 200-day simple moving average of $2.11.

Wall Street Analysts Forecast Growth

ANVS has been the topic of several analyst reports. Weiss Ratings upgraded Annovis Bio from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, July 6th. Zacks Research raised Annovis Bio to a "hold" rating in a research note on Thursday, July 9th. Finally, Roth Capital initiated coverage on Annovis Bio in a research note on Tuesday, July 7th. They issued a "buy" rating and a $8.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $11.67.

Insider Buying and Selling

In other news, Director Michael B. Hoffman bought 76,344 shares of the business's stock in a transaction on Wednesday, May 20th. The stock was purchased at an average cost of $1.87 per share, for a total transaction of $142,763.28. Following the completion of the transaction, the director directly owned 3,364,883 shares of the company's stock, valued at approximately $6,292,331.21. This trade represents a 2.32% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 20.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Annovis Bio

Several hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. lifted 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 buying an additional 6,100 shares during the period. RKL Wealth Management LLC acquired a new position in Annovis Bio during the fourth quarter worth about $35,000. Wells Fargo & Company MN grew its holdings in Annovis Bio by 46.8% during the fourth quarter. Wells Fargo & Company MN now owns 14,307 shares of the company's stock worth $50,000 after acquiring an additional 4,561 shares during the period. Jane Street Group LLC bought a new stake in Annovis Bio in the second quarter worth about $52,000. Finally, Wealthspire Advisors LLC raised its position in Annovis Bio by 100.0% in the fourth quarter. Wealthspire Advisors LLC now owns 20,000 shares of the company's stock worth $69,000 after acquiring an additional 10,000 shares in the last quarter. 15.83% of the stock is currently 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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