Annovis Bio (NYSE:ANVS) Price Target Cut to $17.00 by Analysts at Canaccord Genuity Group

Annovis Bio (NYSE:ANVS) had its price objective trimmed by Canaccord Genuity Group from $26.00 to $17.00 in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Separately, D. Boral Capital reiterated a “hold” rating on shares of Annovis Bio in a research report on Monday, February 10th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $34.75.

Annovis Bio Stock Performance

NYSE:ANVS opened at $1.68 on Thursday. The stock has a 50-day simple moving average of $1.54 and a 200 day simple moving average of $3.82. Annovis Bio has a one year low of $1.11 and a one year high of $17.88. The company has a market capitalization of $23.92 million, a price-to-earnings ratio of -0.38 and a beta of 1.46.

Annovis Bio (NYSE:ANVS) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($0.32) EPS for the quarter, topping analysts’ consensus estimates of ($0.47) by $0.15. On average, equities research analysts forecast that Annovis Bio will post -2.19 EPS for the current fiscal year.

Hedge Funds Weigh In On Annovis Bio

Hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. acquired a new position in Annovis Bio during the 3rd quarter worth $31,000. Merit Financial Group LLC increased its stake in Annovis Bio by 269.0% during the 4th quarter. Merit Financial Group LLC now owns 98,516 shares of the company’s stock valued at $496,000 after buying an additional 71,816 shares during the period. Atria Wealth Solutions Inc. acquired a new stake in shares of Annovis Bio in the 4th quarter worth approximately $65,000. Greenwich Wealth Management LLC boosted its holdings in shares of Annovis Bio by 93.9% in the fourth quarter. Greenwich Wealth Management LLC now owns 31,951 shares of the company’s stock valued at $161,000 after acquiring an additional 15,476 shares in the last quarter. Finally, Lokken Investment Group LLC increased its stake in shares of Annovis Bio by 49.0% during the fourth quarter. Lokken Investment Group LLC now owns 18,235 shares of the company’s stock valued at $92,000 after acquiring an additional 6,000 shares during the period. 15.83% of the stock is currently owned by institutional investors and hedge funds.

About Annovis Bio

Annovis Bio, Inc, a clinical stage drug platform company, develops drugs to treat neurodegeneration. The company's lead product candidate is Buntanetap, which has completed three Phase 1/2 clinical trials for the treatment of Alzheimer's disease (AD), Parkinson's disease, and other chronic neurodegenerative diseases.