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

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

Annovis Bio Stock Up 15.2%

NYSE:ANVS traded up $0.32 during mid-day trading on Wednesday, hitting $2.43. 1,708,094 shares of the company traded hands, compared to its average volume of 505,934. The stock’s fifty day moving average price is $2.14 and its 200-day moving average price is $2.32. The firm has a market cap of $59.39 million, a price-to-earnings ratio of -1.19 and a beta of 1.61. Annovis Bio has a one year low of $1.11 and a one year high of $7.77.

Analyst Ratings Changes

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

Insider Transactions at Annovis Bio

In other news, CEO Maria-Luisa Maccecchini bought 97,561 shares of the firm’s stock in a transaction on Tuesday, October 28th. The shares were bought at an average price of $2.05 per share, for a total transaction of $200,000.05. Following the purchase, the chief executive officer owned 1,212,020 shares in the company, valued at approximately $2,484,641. The trade was a 8.75% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael B. Hoffman purchased 975,610 shares of the stock in a transaction on Tuesday, October 28th. The shares were purchased at an average cost of $2.05 per share, for a total transaction of $2,000,000.50. Following the acquisition, 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

Several institutional investors and hedge funds have recently modified their holdings of ANVS. Vanguard Group Inc. boosted its holdings in Annovis Bio by 5.9% in the 3rd quarter. Vanguard Group Inc. now owns 738,003 shares of the company’s stock worth $1,528,000 after buying an additional 41,239 shares during the period. Geode Capital Management LLC lifted its position in shares of Annovis Bio by 20.1% in the second quarter. Geode Capital Management LLC now owns 183,287 shares of the company’s stock valued at $398,000 after acquiring an additional 30,674 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Annovis Bio in the second quarter worth about $197,000. Jane Street Group LLC bought a new position in shares of Annovis Bio in the second quarter worth about $52,000. Finally, JPMorgan Chase & Co. grew 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 in the last quarter. 15.83% of the stock is currently owned by 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.