Annovis Bio (NYSE:ANVS) Stock: Insider Michael Hoffman Buys 5,000,000 Shares

Annovis Bio, Inc. (NYSE:ANVS) Director Michael Hoffman acquired 5,000,000 shares of the business’s stock in a transaction on Friday, November 6th. The shares were bought at an average price of $1.00 per share, with a total value of $5,000,000.00. Following the completion of the transaction, the director directly owned 8,364,883 shares of the company’s stock, valued at approximately $8,364,883. The trade was a 148.59% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Annovis Bio Price Performance

ANVS traded up $0.15 during trading on Friday, hitting $0.82. The stock had a trading volume of 10,635,733 shares, compared to its average volume of 1,043,587. The company has a 50 day moving average price of $1.20 and a 200-day moving average price of $1.89. The firm has a market cap of $35.08 million, a price-to-earnings ratio of -0.46 and a beta of 1.36. Annovis Bio, Inc. has a one year low of $0.62 and a one year high of $5.50.

Annovis Bio (NYSE:ANVS) last released its quarterly earnings results on Friday, August 14th. The company reported ($0.40) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.05. As a group, sell-side analysts predict that Annovis Bio, Inc. will post -1.32 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ANVS has been the subject of several analyst reports. Roth Capital dropped their price objective on Annovis Bio from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, August 27th. Wall Street Zen lowered Annovis Bio from a “sell” rating to a “strong sell” rating in a report on Monday, September 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Annovis Bio in a report on Friday, October 2nd. Canaccord Genuity Group restated a “buy” rating on shares of Annovis Bio in a research report on Tuesday, August 18th. Finally, Zacks Research raised Annovis Bio to a “hold” rating in a research note on Thursday, July 9th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $12.00.

Institutional Trading of Annovis Bio

Several large investors have recently made changes to their positions in the company. StoneX Group Inc. raised its position in Annovis Bio by 65.9% during the third quarter. StoneX Group Inc. now owns 23,996 shares of the company’s stock valued at $30,000 after purchasing an additional 9,531 shares in the last quarter. Headlands Technologies LLC bought a new stake in Annovis Bio during the second quarter worth $89,000. Empery Asset Management LP bought a new stake in Annovis Bio during the second quarter worth $4,466,745. BlackRock Inc. acquired a new stake in shares of Annovis Bio in the 2nd quarter valued at $465,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Annovis Bio in the 2nd quarter valued at $29,000. Institutional investors and hedge funds own 15.83% of the company’s stock.

About Annovis Bio

Annovis Bio, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for neurodegenerative diseases, including Alzheimer’s disease and Parkinson’s disease. The company’s research centers on therapies designed to address mechanisms associated with neurodegeneration rather than treating only individual symptoms.

Annovis Bio’s lead product candidate is buntanetap, formerly known as ANVS401. Buntanetap is an orally administered small molecule being investigated for its potential to reduce the production of multiple neurotoxic proteins linked to neurodegenerative disorders.