Annovis Bio’s (ANVS) Buy Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of Annovis Bio (NYSE:ANVS) in a research report sent to investors on Tuesday,Benzinga reports.

Several other research analysts also recently commented on the company. Zacks Research raised Annovis Bio to a “hold” rating in a report on Thursday, July 9th. Weiss Ratings raised Annovis Bio from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. Finally, Roth Capital initiated coverage on Annovis Bio in a report on Tuesday, July 7th. They set a “buy” rating and a $8.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.67.

Annovis Bio Stock Down 3.2%

Shares of Annovis Bio stock opened at $1.79 on Tuesday. Annovis Bio has a 12-month low of $1.54 and a 12-month high of $5.50. The stock has a market capitalization of $76.27 million, a P/E ratio of -1.00 and a beta of 1.25. The company has a 50-day simple moving average of $1.80 and a 200 day simple moving average of $2.07.

Annovis Bio (NYSE:ANVS) last released its quarterly earnings results on Friday, August 14th. The company reported ($0.40) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.05. On average, equities analysts anticipate that Annovis Bio will post -1.58 earnings per share for the current year.

Hedge Funds Weigh In On Annovis Bio

A number of institutional investors have recently modified their holdings of the stock. Empery Asset Management LP acquired a new stake in shares of Annovis Bio in the second quarter valued at approximately $4,466,745,000. Marshall Wace LLP bought a new position in Annovis Bio in the 4th quarter worth approximately $2,511,000. Renaissance Technologies LLC acquired a new position in Annovis Bio during the 1st quarter worth $775,000. BlackRock Inc. acquired a new position in Annovis Bio during the 2nd quarter worth $465,000. Finally, D.A. Davidson & CO. bought a new position in Annovis Bio in the 4th quarter valued at $556,000. 15.83% of the stock is owned by institutional investors.

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.