Merit Financial Group LLC Has $496,000 Holdings in Annovis Bio, Inc. (NYSE:ANVS)

Merit Financial Group LLC lifted its stake in shares of Annovis Bio, Inc. (NYSE:ANVS - Free Report) by 269.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 98,516 shares of the company's stock after buying an additional 71,816 shares during the quarter. Merit Financial Group LLC owned about 0.71% of Annovis Bio worth $496,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of ANVS. JPMorgan Chase & Co. bought a new stake in Annovis Bio in the 3rd quarter valued at $31,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Annovis Bio during the third quarter worth $76,000. Geode Capital Management LLC boosted its position in shares of Annovis Bio by 30.0% in the third quarter. Geode Capital Management LLC now owns 99,114 shares of the company's stock valued at $799,000 after acquiring an additional 22,881 shares during the period. State Street Corp grew its stake in shares of Annovis Bio by 23.7% in the third quarter. State Street Corp now owns 36,035 shares of the company's stock valued at $290,000 after acquiring an additional 6,900 shares in the last quarter. Finally, Quest Partners LLC bought a new position in Annovis Bio during the third quarter worth about $371,000. Institutional investors own 15.83% of the company's stock.

Annovis Bio Stock Down 3.4 %

Shares of NYSE:ANVS traded down $0.17 during midday trading on Friday, hitting $4.94. The stock had a trading volume of 245,389 shares, compared to its average volume of 534,426. The company's 50-day moving average price is $5.52 and its 200-day moving average price is $7.81. Annovis Bio, Inc. has a fifty-two week low of $4.21 and a fifty-two week high of $20.00. The company has a market capitalization of $68.14 million, a P/E ratio of -1.11 and a beta of 1.64.

Annovis Bio (NYSE:ANVS - Get Free Report) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.97) EPS for the quarter, missing the consensus estimate of ($0.64) by ($0.33). Research analysts expect that Annovis Bio, Inc. will post -2.19 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. HC Wainwright reissued a "buy" rating and issued a $30.00 price objective on shares of Annovis Bio in a report on Monday, November 11th. Maxim Group upgraded Annovis Bio from a "hold" rating to a "buy" rating and set a $25.00 price target for the company in a research note on Friday, October 25th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $31.40.

Annovis Bio Profile

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.