Annovis Bio (NYSE:ANVS) Director Acquires $5,000,000.00 in Stock

Annovis Bio, Inc. (NYSE:ANVS) Director Michael Hoffman acquired 5,000,000 shares of the business’s stock in a transaction dated Friday, November 6th. The stock was purchased at an average price of $1.00 per share, with a total value of $5,000,000.00. Following the completion of the acquisition, the director directly owned 8,364,883 shares in the company, valued at approximately $8,364,883. This represents a 148.59% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Annovis Bio Trading Down 2.7%

Shares of Annovis Bio stock opened at $0.82 on Monday. The firm has a market capitalization of $35.36 million, a PE ratio of -0.46 and a beta of 1.36. The business’s 50-day moving average price is $1.18 and its 200-day moving average price is $1.88. Annovis Bio, Inc. has a 12 month low of $0.62 and a 12 month high of $5.50.

Annovis Bio (NYSE:ANVS) last released 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. As a group, analysts predict that Annovis Bio, Inc. will post -1.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Annovis Bio

A number of large investors have recently bought and sold shares of ANVS. StoneX Group Inc. boosted its stake in shares of Annovis Bio by 65.9% during the third quarter. StoneX Group Inc. now owns 23,996 shares of the company’s stock valued at $30,000 after purchasing an additional 9,531 shares during the period. Headlands Technologies LLC bought a new position in shares of Annovis Bio in the second quarter worth approximately $89,000. Empery Asset Management LP bought a new position in shares of Annovis Bio in the second quarter worth approximately $4,466,745. BlackRock Inc. purchased a new position in shares of Annovis Bio in the second quarter worth $465,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Annovis Bio in the second quarter worth $29,000. 15.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Roth Capital lowered their price objective on shares of Annovis Bio from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, August 27th. Wall Street Zen lowered shares of Annovis Bio from a “sell” rating to a “strong sell” rating in a report on Monday, September 28th. Canaccord Genuity Group reiterated a “buy” rating on shares of Annovis Bio in a research report on Tuesday, August 18th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Annovis Bio in a research report on Friday, October 2nd. Two 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 company’s stock. Based on data from MarketBeat, Annovis Bio presently has a consensus rating of “Hold” and a consensus price target of $12.00.

Annovis Bio Company Profile

Annovis Bio, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for neurodegenerative diseases, including Alzheimer’s disease and Parkinson’s disease. The company’s research centers on therapies designed to address mechanisms associated with neurodegeneration rather than treating only individual symptoms.

Annovis Bio’s lead product candidate is buntanetap, formerly known as ANVS401. Buntanetap is an orally administered small molecule being investigated for its potential to reduce the production of multiple neurotoxic proteins linked to neurodegenerative disorders.