Annovis Bio (NYSE:ANVS) Downgraded to Strong Sell Rating by Wall Street Zen

Wall Street Zen downgraded shares of Annovis Bio (NYSE:ANVS) from a sell rating to a strong sell rating in a report released on Saturday,Wall Street Zen reports.

Several other analysts also recently commented on the stock. Zacks Research raised shares of Annovis Bio to a “hold” rating in a research report on Thursday, July 9th. Weiss Ratings upgraded shares of Annovis Bio from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Canaccord Genuity Group reiterated a “buy” rating on shares of Annovis Bio in a research report on Tuesday, August 18th. Finally, Roth Capital cut their target price on shares of Annovis Bio from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, August 27th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $12.00.

Annovis Bio Price Performance

Shares of Annovis Bio stock opened at $1.12 on Friday. Annovis Bio has a one year low of $1.10 and a one year high of $5.50. The stock’s 50-day moving average is $1.72 and its 200 day moving average is $1.97. The firm has a market cap of $47.94 million, a price-to-earnings ratio of -0.63 and a beta of 1.24.

Annovis Bio (NYSE:ANVS) last issued its earnings results on Friday, August 14th. The company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.05. On average, sell-side analysts expect that Annovis Bio will post -1.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new stake in Annovis Bio in the second quarter valued at approximately $29,000. Quadcap Wealth Management LLC acquired a new position in shares of Annovis Bio during the second quarter worth approximately $30,000. JPMorgan Chase & Co. raised its position 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 purchasing an additional 6,100 shares during the period. RKL Wealth Management LLC bought a new position in shares of Annovis Bio in the 4th quarter worth $35,000. Finally, Wells Fargo & Company MN lifted its holdings in shares of Annovis Bio by 46.8% in the 4th quarter. Wells Fargo & Company MN now owns 14,307 shares of the company’s stock worth $50,000 after purchasing an additional 4,561 shares in the last quarter. Institutional investors own 15.83% of the company’s stock.

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.