Annovis Bio (NYSE:ANVS) Trading Up 6.7% – Still a Buy?

Shares of Annovis Bio, Inc. (NYSE:ANVS) were up 6.7% during trading on Thursday . The company traded as high as $1.8450 and last traded at $1.8350. Approximately 1,093,377 shares were traded during trading, a decline of 18% from the average daily volume of 1,331,335 shares. The stock had previously closed at $1.72.

Analyst Upgrades and Downgrades

A number of analysts recently commented on ANVS shares. Canaccord Genuity Group restated a “buy” rating and set a $17.00 price target on shares of Annovis Bio in a research note on Tuesday, April 14th. Weiss Ratings cut shares of Annovis Bio from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, April 29th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $13.50.

Annovis Bio Stock Performance

The firm has a market capitalization of $62.54 million, a PE ratio of -1.06 and a beta of 1.27. The company’s 50 day simple moving average is $1.99 and its 200-day simple moving average is $2.75.

Annovis Bio (NYSE:ANVS) last posted its earnings results on Friday, May 15th. The company reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.23).

Insider Transactions at Annovis Bio

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. 20.80% of the stock is owned by corporate insiders.

Institutional Trading of Annovis Bio

Several institutional investors and hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC purchased a new stake in Annovis Bio in the 1st quarter worth approximately $775,000. Virtu Financial LLC purchased a new stake in Annovis Bio in the 4th quarter worth approximately $91,000. NewEdge Advisors LLC purchased a new stake in Annovis Bio in the 4th quarter worth approximately $71,000. Bridgeway Capital Management LLC lifted its stake in Annovis Bio by 25.8% in the 4th quarter. Bridgeway Capital Management LLC now owns 24,400 shares of the company’s stock worth $84,000 after purchasing an additional 5,000 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp purchased a new stake in Annovis Bio in the 4th quarter worth approximately $215,000. 15.83% of the stock is currently owned by hedge funds and other institutional investors.

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.