Annovis Bio (NYSE:ANVS) Releases Quarterly Earnings Results, Misses Estimates By $0.23 EPS

Annovis Bio (NYSE:ANVS) released its earnings results on Friday. The company reported ($0.63) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.23), Zacks reports.

Annovis Bio Stock Down 2.6%

Annovis Bio stock traded down $0.06 during mid-day trading on Friday, reaching $2.07. 854,578 shares of the company’s stock traded hands, compared to its average volume of 715,620. The company has a market cap of $71.86 million, a price-to-earnings ratio of -1.48 and a beta of 1.26. The stock has a 50 day moving average of $2.19 and a two-hundred day moving average of $2.82. Annovis Bio has a 12-month low of $1.54 and a 12-month high of $5.50.

Insiders Place Their Bets

In other news, Director Michael B. Hoffman acquired 713,800 shares of the business’s stock in a transaction on Thursday, April 2nd. The shares were acquired at an average price of $2.10 per share, for a total transaction of $1,498,980.00. Following the completion of the transaction, the director directly owned 3,288,539 shares of the company’s stock, valued at approximately $6,905,931.90. The trade was a 27.72% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 20.80% of the stock is owned by company insiders.

Institutional Trading of Annovis Bio

Several hedge funds have recently modified their holdings of ANVS. Marshall Wace LLP purchased a new stake in shares of Annovis Bio during the fourth quarter valued at about $2,511,000. OMERS ADMINISTRATION Corp purchased a new position in shares of Annovis Bio in the 4th quarter valued at approximately $215,000. Vanguard Group Inc. raised its position in shares of Annovis Bio by 5.9% in the 3rd quarter. Vanguard Group Inc. now owns 738,003 shares of the company’s stock valued at $1,528,000 after purchasing an additional 41,239 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Annovis Bio by 20.6% in the 4th quarter. Geode Capital Management LLC now owns 222,132 shares of the company’s stock valued at $769,000 after purchasing an additional 37,978 shares during the last quarter. Finally, State Street Corp raised its position in shares of Annovis Bio by 92.6% in the 4th quarter. State Street Corp now owns 74,035 shares of the company’s stock valued at $256,000 after purchasing an additional 35,600 shares during the last quarter. 15.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ANVS has been the topic of several research analyst reports. Weiss Ratings downgraded shares of Annovis Bio from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 29th. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 target price on shares of Annovis Bio in a report on Tuesday, April 14th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Annovis Bio has a consensus rating of “Hold” and an average price target of $13.50.

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.