Renaissance Technologies LLC Purchases New Stake in Annovis Bio, Inc. $ANVS

Renaissance Technologies LLC acquired a new position in Annovis Bio, Inc. (NYSE:ANVS) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 347,600 shares of the company’s stock, valued at approximately $775,000. Renaissance Technologies LLC owned 1.00% of Annovis Bio as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in Annovis Bio by 69.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 14,900 shares of the company’s stock valued at $32,000 after purchasing an additional 6,100 shares during the period. RKL Wealth Management LLC bought a new stake in shares of Annovis Bio during the fourth quarter worth approximately $35,000. RFG Advisory LLC bought a new stake in shares of Annovis Bio during the fourth quarter worth approximately $43,000. Wells Fargo & Company MN lifted its holdings in Annovis Bio by 46.8% in the fourth quarter. Wells Fargo & Company MN now owns 14,307 shares of the company’s stock valued at $50,000 after buying an additional 4,561 shares during the period. Finally, Koshinski Asset Management Inc. acquired a new position in Annovis Bio in the fourth quarter valued at approximately $52,000. 15.83% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ANVS has been the subject of a number of analyst reports. Roth Capital began coverage on shares of Annovis Bio in a report on Tuesday, July 7th. They set a “buy” rating and a $8.00 target price for the company. Zacks Research raised Annovis Bio to a “hold” rating in a research note on Thursday, July 9th. Finally, Weiss Ratings upgraded Annovis Bio from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. One 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 given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $11.67.

Insiders Place Their Bets

In other news, Director Michael B. Hoffman purchased 76,344 shares of Annovis Bio stock in a transaction dated Wednesday, May 20th. The shares were bought at an average cost of $1.87 per share, with a total value of $142,763.28. Following the completion of the transaction, the director directly owned 3,364,883 shares in the company, valued at $6,292,331.21. This trade represents a 2.32% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 20.80% of the company’s stock.

Annovis Bio Price Performance

Shares of ANVS stock opened at $1.84 on Friday. The stock has a market cap of $63.93 million, a PE ratio of -1.03 and a beta of 1.25. The stock has a 50-day moving average of $1.80 and a 200-day moving average of $2.11. Annovis Bio, Inc. has a one year low of $1.54 and a one year high of $5.50.

Annovis Bio (NYSE:ANVS) last released its quarterly earnings data on Friday, August 14th. The company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.05. As a group, research analysts anticipate that Annovis Bio, Inc. will post -1.58 earnings per share for the current year.

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.