Annovis Bio (NYSE:ANVS) Posts Earnings Results, Misses Expectations By $0.23 EPS

Annovis Bio (NYSE:ANVS) posted its quarterly earnings results on Friday. The company reported ($0.63) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.23), Zacks reports.

Annovis Bio Stock Performance

Shares of NYSE:ANVS traded down $0.06 during midday trading on Friday, hitting $2.07. The company’s stock had a trading volume of 854,578 shares, compared to its average volume of 979,133. The stock’s 50 day simple moving average is $2.18 and its 200 day simple moving average is $2.82. The stock has a market capitalization of $71.86 million, a price-to-earnings ratio of -1.48 and a beta of 1.26. Annovis Bio has a fifty-two week low of $1.54 and a fifty-two week high of $5.50.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on ANVS shares. Weiss Ratings lowered Annovis Bio from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 29th. Canaccord Genuity Group restated a “buy” rating and set 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 assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Annovis Bio presently has a consensus rating of “Hold” and a consensus target price of $13.50.

Insider Activity at Annovis Bio

In other Annovis Bio news, Director Michael B. Hoffman acquired 713,800 shares of the company’s stock in a transaction dated Thursday, April 2nd. The shares were acquired at an average cost of $2.10 per share, for a total transaction of $1,498,980.00. Following the completion of the purchase, the director owned 3,288,539 shares of the company’s stock, valued at approximately $6,905,931.90. This trade represents a 27.72% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 20.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its holdings in shares of Annovis Bio by 69.3% during the second quarter. JPMorgan Chase & Co. now owns 14,900 shares of the company’s stock worth $32,000 after buying an additional 6,100 shares during the last quarter. RKL Wealth Management LLC acquired a new position in shares of Annovis Bio during the fourth quarter worth approximately $35,000. Wells Fargo & Company MN lifted its holdings in shares of Annovis Bio by 46.8% during the fourth quarter. Wells Fargo & Company MN now owns 14,307 shares of the company’s stock worth $50,000 after buying an additional 4,561 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of Annovis Bio during the second quarter worth approximately $52,000. Finally, Wealthspire Advisors LLC lifted its holdings in shares of Annovis Bio by 100.0% during the fourth quarter. Wealthspire Advisors LLC now owns 20,000 shares of the company’s stock worth $69,000 after buying an additional 10,000 shares during the last quarter. 15.83% of the stock is currently owned by institutional investors and hedge funds.

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.