Annovis Bio (NYSE:ANVS) Raised to Buy at Maxim Group

Annovis Bio (NYSE:ANVS - Get Free Report) was upgraded by analysts at Maxim Group from a "hold" rating to a "buy" rating in a research note issued on Friday, Marketbeat Ratings reports. The brokerage currently has a $25.00 price target on the stock. Maxim Group's price target suggests a potential upside of 153.29% from the stock's previous close.

Other research analysts also recently issued reports about the stock. EF Hutton Acquisition Co. I raised shares of Annovis Bio to a "strong-buy" rating in a research report on Tuesday, August 13th. HC Wainwright reaffirmed a "buy" rating and set a $30.00 price objective on shares of Annovis Bio in a report on Wednesday, October 16th. Finally, Rodman & Renshaw reissued a "buy" rating and issued a $67.00 target price on shares of Annovis Bio in a report on Tuesday, July 2nd. One analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Annovis Bio presently has a consensus rating of "Buy" and an average price target of $32.17.

Annovis Bio Stock Performance

Shares of NYSE:ANVS traded up $0.80 on Friday, hitting $9.87. 524,473 shares of the company's stock were exchanged, compared to its average volume of 802,547. Annovis Bio has a 1-year low of $4.53 and a 1-year high of $22.49. The company has a market capitalization of $110.26 million, a PE ratio of -1.72 and a beta of 1.72. The firm's 50-day moving average is $8.53 and its 200 day moving average is $8.59.

Annovis Bio (NYSE:ANVS - Get Free Report) last posted its earnings results on Thursday, August 15th. The company reported ($0.44) earnings per share for the quarter, topping the consensus estimate of ($0.63) by $0.19. On average, analysts anticipate that Annovis Bio will post -2.53 EPS for the current fiscal year.

Institutional Trading of Annovis Bio

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cetera Advisors LLC acquired a new position in Annovis Bio in the 1st quarter valued at $122,000. Greenwich Wealth Management LLC increased its stake in shares of Annovis Bio by 19.9% during the second quarter. Greenwich Wealth Management LLC now owns 15,075 shares of the company's stock worth $87,000 after acquiring an additional 2,500 shares during the period. XTX Topco Ltd purchased a new position in Annovis Bio during the second quarter worth about $115,000. Redmond Asset Management LLC lifted its position in Annovis Bio by 6.1% in the first quarter. Redmond Asset Management LLC now owns 36,157 shares of the company's stock valued at $430,000 after purchasing an additional 2,077 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Annovis Bio by 6.1% in the 1st quarter. Vanguard Group Inc. now owns 357,942 shares of the company's stock valued at $4,260,000 after purchasing an additional 20,588 shares in the last quarter. 15.83% of the stock is owned by hedge funds and other institutional investors.

Annovis Bio Company 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.