Wall Street Zen Downgrades Annovis Bio (NYSE:ANVS) to Strong Sell

Annovis Bio (NYSE:ANVS) was downgraded by equities researchers at Wall Street Zen from a “sell” rating to a “strong sell” rating in a report issued on Saturday, Wall Street Zen reports.

A number of other equities analysts also recently issued reports on the stock. Zacks Research upgraded shares of Annovis Bio to a “hold” rating in a research note on Thursday, July 9th. Roth Capital reduced their price objective on shares of Annovis Bio from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, August 27th. Weiss Ratings raised Annovis Bio from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Finally, Canaccord Genuity Group reiterated a “buy” rating on shares of Annovis Bio in a report on Tuesday, August 18th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $12.00.

Annovis Bio Price Performance

ANVS stock opened at $1.12 on Friday. The business has a 50-day moving average price of $1.72 and a 200 day moving average price of $1.97. The company has a market capitalization of $47.94 million, a P/E ratio of -0.63 and a beta of 1.24. Annovis Bio has a 1-year low of $1.10 and a 1-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 analysts’ consensus estimates of ($0.45) by $0.05. On average, analysts anticipate that Annovis Bio will post -1.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ANVS. Geode Capital Management LLC increased its position in shares of Annovis Bio by 20.1% during the second quarter. Geode Capital Management LLC now owns 183,287 shares of the company’s stock worth $398,000 after purchasing an additional 30,674 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Annovis Bio by 69.3% during the second quarter. JPMorgan Chase & Co. now owns 14,900 shares of the company’s stock worth $32,000 after purchasing an additional 6,100 shares during the period. Marshall Wace LLP acquired a new stake in Annovis Bio during the 2nd quarter valued at approximately $197,000. Jane Street Group LLC purchased a new stake in Annovis Bio in the second quarter valued at $52,000. Finally, Vanguard Group Inc. boosted 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 buying 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 (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.