Annovis Bio (NYSE:ANVS) Posts Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Annovis Bio (NYSE:ANVS) posted its quarterly earnings results on Wednesday. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.01), Zacks reports.

Annovis Bio Trading Up 3.7%

Shares of Annovis Bio stock traded up $0.09 during trading hours on Friday, reaching $2.38. The stock had a trading volume of 616,410 shares, compared to its average volume of 506,171. The stock’s 50 day moving average is $2.14 and its 200 day moving average is $2.32. Annovis Bio has a twelve month low of $1.11 and a twelve month high of $7.52. The firm has a market capitalization of $58.05 million, a PE ratio of -1.65 and a beta of 1.61.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ANVS. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 price objective on shares of Annovis Bio in a research note on Tuesday, September 30th. HC Wainwright dropped their price target on Annovis Bio from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Wednesday, September 3rd. Zacks Research upgraded shares of Annovis Bio to a “hold” rating in a research note on Friday, August 8th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Annovis Bio in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $13.50.

Insider Buying and Selling

In related news, CEO Maria-Luisa Maccecchini acquired 97,561 shares of Annovis Bio stock in a transaction on Tuesday, October 28th. The stock was bought at an average cost of $2.05 per share, for a total transaction of $200,000.05. Following the completion of the transaction, the chief executive officer owned 1,212,020 shares of the company’s stock, valued at approximately $2,484,641. The trade was a 8.75% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael B. Hoffman bought 975,610 shares of the business’s stock in a transaction dated Tuesday, October 28th. The shares were bought at an average cost of $2.05 per share, with a total value of $2,000,000.50. Following the purchase, the director directly owned 2,455,539 shares of the company’s stock, valued at approximately $5,033,854.95. This represents a 65.92% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 20.80% of the stock is owned by insiders.

Institutional Trading of Annovis Bio

Large investors have recently made changes to their positions in the company. Marshall Wace LLP acquired a new position in Annovis Bio during the second quarter worth about $197,000. Vanguard Group Inc. increased its holdings 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 valued at $1,528,000 after purchasing an additional 41,239 shares during the last quarter. Geode Capital Management LLC lifted its position in Annovis Bio by 20.1% during the second quarter. Geode Capital Management LLC now owns 183,287 shares of the company’s stock worth $398,000 after buying an additional 30,674 shares in the last quarter. Jane Street Group LLC purchased a new stake in Annovis Bio in the 2nd quarter valued at $52,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Annovis Bio by 69.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 14,900 shares of the company’s stock worth $32,000 after acquiring an additional 6,100 shares during the last quarter. 15.83% of the stock is currently owned by hedge funds and other institutional investors.

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.