Annovis Bio (NYSE:ANVS) Posts Earnings Results, Misses Expectations By $0.01 EPS

Annovis Bio (NYSE:ANVS) released its quarterly earnings data on Wednesday. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.01), Zacks reports.

Annovis Bio Trading Up 15.2%

Shares of ANVS stock traded up $0.32 during trading hours on Wednesday, hitting $2.43. 1,708,094 shares of the company’s stock were exchanged, compared to its average volume of 505,934. The company has a market capitalization of $59.39 million, a PE ratio of -1.19 and a beta of 1.61. Annovis Bio has a 12-month low of $1.11 and a 12-month high of $7.77. The business’s 50 day simple moving average is $2.14 and its 200-day simple moving average is $2.32.

Analyst Ratings Changes

ANVS has been the topic of several analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Annovis Bio in a research report on Wednesday, October 8th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 target price on shares of Annovis Bio in a report on Tuesday, September 30th. HC Wainwright cut their price target on shares of Annovis Bio from $12.00 to $10.00 and set a “buy” rating for the company in a report on Wednesday, September 3rd. Finally, Zacks Research upgraded shares of Annovis Bio to a “hold” rating in a research report on Friday, August 8th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $13.50.

Insider Buying and Selling at Annovis Bio

In other Annovis Bio news, CEO Maria-Luisa Maccecchini bought 97,561 shares of the firm’s stock in a transaction that occurred on Tuesday, October 28th. The shares were bought at an average price of $2.05 per share, for a total transaction of $200,000.05. Following the transaction, the chief executive officer directly owned 1,212,020 shares in the company, valued at $2,484,641. This trade represents a 8.75% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael B. Hoffman acquired 975,610 shares of the firm’s stock in a transaction dated Tuesday, October 28th. The stock was bought at an average price of $2.05 per share, for a total transaction of $2,000,000.50. Following the acquisition, the director owned 2,455,539 shares of the company’s stock, valued at approximately $5,033,854.95. This trade represents a 65.92% increase in their position. The disclosure for this purchase is available in the SEC filing. 20.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Annovis Bio

Institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC grew its stake in shares of Annovis Bio by 20.1% in the 2nd quarter. Geode Capital Management LLC now owns 183,287 shares of the company’s stock worth $398,000 after buying an additional 30,674 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Annovis Bio by 69.3% during 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 last quarter. Marshall Wace LLP bought a new stake in Annovis Bio in the second quarter worth $197,000. Jane Street Group LLC purchased a new stake in shares of Annovis Bio in the second quarter worth $52,000. Finally, Vanguard Group Inc. grew its stake in shares of Annovis Bio by 5.9% in the third quarter. Vanguard Group Inc. now owns 738,003 shares of the company’s stock worth $1,528,000 after acquiring an additional 41,239 shares during the last quarter. Hedge funds and other institutional investors 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 has completed three Phase 1/2 clinical trials for the treatment of Alzheimer's disease (AD), Parkinson's disease, and other chronic neurodegenerative diseases.