Canaccord Genuity Group Cuts Annovis Bio (NYSE:ANVS) Price Target to $26.00

Annovis Bio (NYSE:ANVS) had its price target dropped by equities research analysts at Canaccord Genuity Group from $36.00 to $26.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 325.53% from the company’s current price.

Several other equities analysts have also recently issued reports on the company. HC Wainwright reiterated a “buy” rating and set a $30.00 target price on shares of Annovis Bio in a research report on Tuesday, April 2nd. Brookline Capital Management cut Annovis Bio from a “buy” rating to a “hold” rating and set a $9.00 target price on the stock. in a research report on Wednesday, February 28th.

Annovis Bio Stock Up 9.7 %

Shares of ANVS stock opened at $6.11 on Tuesday. The stock has a market capitalization of $67.28 million, a PE ratio of -0.98 and a beta of 1.59. Annovis Bio has a 52-week low of $5.23 and a 52-week high of $22.49. The stock’s 50-day moving average price is $10.49 and its 200 day moving average price is $10.28.

Annovis Bio (NYSE:ANVS) last issued its quarterly earnings results on Friday, March 29th. The company reported ($1.09) earnings per share (EPS) for the quarter. Analysts expect that Annovis Bio will post -3.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Annovis Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wealthspire Advisors LLC increased its position in Annovis Bio by 9.9% during the 4th quarter. Wealthspire Advisors LLC now owns 10,990 shares of the company’s stock worth $206,000 after purchasing an additional 990 shares during the period. Private Trust Co. NA purchased a new stake in shares of Annovis Bio during the 4th quarter worth approximately $56,000. Greenwich Wealth Management LLC purchased a new stake in shares of Annovis Bio during the 4th quarter worth approximately $192,000. Finally, Adage Capital Partners GP L.L.C. purchased a new stake in shares of Annovis Bio during the 3rd quarter worth approximately $2,847,000. Institutional investors and hedge funds own 15.83% of the company’s stock.

Annovis Bio Company Profile

Annovis Bio, Inc, a clinical stage drug platform company, develops drugs to treat neurodegeneration. The company's lead product candidate is Buntanetap, which is in Phase 3 clinical trials for the treatment of Alzheimer's disease (AD), Parkinson's disease, and other chronic neurodegenerative diseases.