Annovis Bio (NYSE:ANVS) Issues Earnings Results, Beats Expectations By $0.04 EPS

by · The Markets Daily

Annovis Bio (NYSE:ANVS – Get Free Report) issued its earnings results on Friday. The company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.04, Zacks reports.

Annovis Bio Trading Up 3.1%

ANVS stock traded up $0.06 during mid-day trading on Friday, reaching $1.84. 949,707 shares of the stock traded hands, compared to its average volume of 816,828. Annovis Bio has a 52-week low of $1.54 and a 52-week high of $5.50. The company has a market cap of $63.93 million, a P/E ratio of -1.08 and a beta of 1.25. The stock’s fifty day moving average is $1.80 and its 200-day moving average is $2.11.

Wall Street Analyst Weigh In

Several research analysts have issued reports on ANVS shares. Weiss Ratings raised Annovis Bio from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. Roth Capital started coverage on Annovis Bio in a research note on Tuesday, July 7th. They set a “buy” rating and a $8.00 price objective for the company. Finally, Zacks Research upgraded Annovis Bio to a “hold” rating in a report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $11.67.

Read Our Latest Report on Annovis Bio

Insider Buying and Selling at Annovis Bio

In other news, Director Michael B. Hoffman bought 76,344 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were acquired at an average cost of $1.87 per share, with a total value of $142,763.28. Following the completion of the transaction, the director directly owned 3,364,883 shares in the company, valued at approximately $6,292,331.21. The trade was a 2.32% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 20.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Annovis Bio

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ANVS. Bridgeway Capital Management LLC grew its position in Annovis Bio by 25.8% during the 4th quarter. Bridgeway Capital Management LLC now owns 24,400 shares of the company’s stock worth $84,000 after purchasing an additional 5,000 shares in the last quarter. OMERS ADMINISTRATION Corp purchased a new stake in shares of Annovis Bio in the fourth quarter valued at $215,000. State Street Corp lifted its holdings in shares of Annovis Bio by 92.6% in the fourth 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 in the last quarter. Geode Capital Management LLC boosted its position in shares of Annovis Bio by 20.6% in the fourth quarter. Geode Capital Management LLC now owns 222,132 shares of the company’s stock worth $769,000 after buying an additional 37,978 shares during the period. Finally, Vanguard Group Inc. boosted its position 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 period. Institutional investors and hedge funds own 15.83% of the company’s stock.

About Annovis Bio

(Get Free Report)

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.

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