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

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

ANVS has been the topic of several other research reports. Weiss Ratings lowered Annovis Bio from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday. Roth Capital reduced their price objective on Annovis Bio from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, August 27th. Finally, Canaccord Genuity Group reiterated a “buy” rating on shares of Annovis Bio in a research report on Tuesday, August 18th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Annovis Bio currently has an average rating of “Hold” and an average target price of $12.00.

Annovis Bio Stock Performance

ANVS stock opened at $0.93 on Friday. The company’s 50-day simple moving average is $1.10 and its 200 day simple moving average is $1.82. Annovis Bio has a 52 week low of $0.62 and a 52 week high of $5.50. The company has a market capitalization of $39.79 million, a PE ratio of -0.52 and a beta of 1.36.

Annovis Bio (NYSE:ANVS) last released its quarterly earnings results on Friday, November 13th. The company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.08. On average, analysts forecast that Annovis Bio will post -1.32 EPS for the current year.

Insiders Place Their Bets

In other news, Director Michael Hoffman bought 5,000,000 shares of the company’s stock in a transaction that occurred on Friday, November 6th. The shares were acquired at an average price of $1.00 per share, for a total transaction of $5,000,000.00. Following the completion of the acquisition, the director directly owned 8,364,883 shares in the company, valued at approximately $8,364,883. This represents a 148.59% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 15.92% of the stock is owned by corporate insiders.

Institutional Trading of Annovis Bio

Several hedge funds have recently modified their holdings of ANVS. Bank of New York Mellon Corp bought a new position in Annovis Bio during the second quarter worth $29,000. Quadcap Wealth Management LLC acquired a new stake in Annovis Bio in the second quarter valued at approximately $30,000. Nicholson Wealth Management Group LLC acquired a new stake in Annovis Bio in the third quarter valued at approximately $25,000. StoneX Group Inc. grew its position in Annovis Bio by 65.9% in the 3rd 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 during the period. Finally, Empowered Funds LLC bought a new position in shares of Annovis Bio in the third quarter valued at $42,000. Institutional investors 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.