Annovis Bio (NYSE:ANVS) Price Target Lowered to $26.00 at Canaccord Genuity Group

Annovis Bio (NYSE:ANVS) had its price target trimmed by Canaccord Genuity Group from $36.00 to $26.00 in a report released on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities analysts have also recently issued research reports about the company. HC Wainwright restated a buy rating and issued a $30.00 price target on shares of Annovis Bio in a report on Tuesday, April 2nd. Brookline Capital Management cut Annovis Bio from a buy rating to a hold rating and set a $9.00 price target for the company. in a report on Wednesday, February 28th.

Annovis Bio Stock Performance

ANVS opened at $5.52 on Tuesday. The firm has a 50 day moving average price of $10.49 and a 200 day moving average price of $10.28. The company has a market cap of $60.78 million, a PE ratio of -0.89 and a beta of 1.59. Annovis Bio has a 1 year low of $5.23 and a 1 year high of $22.49.

Annovis Bio (NYSE:ANVS) last posted its earnings results on Friday, March 29th. The company reported ($1.09) earnings per share (EPS) for the quarter. On average, sell-side analysts predict that Annovis Bio will post -3.35 earnings per share for the current year.

Hedge Funds Weigh In On Annovis Bio

Several institutional investors and hedge funds have recently made changes to their positions in ANVS. Adage Capital Partners GP L.L.C. purchased a new position in shares of Annovis Bio during the 3rd quarter valued at approximately $2,847,000. Private Trust Co. NA bought a new position in Annovis Bio during the fourth quarter worth $56,000. Greenwich Wealth Management LLC bought a new position in Annovis Bio during the fourth quarter worth $192,000. Finally, Wealthspire Advisors LLC lifted its stake in Annovis Bio by 9.9% during the fourth quarter. Wealthspire Advisors LLC now owns 10,990 shares of the company’s stock worth $206,000 after purchasing an additional 990 shares during the last quarter. 15.83% of the stock is currently 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 is in Phase 3 clinical trials for the treatment of Alzheimer's disease (AD), Parkinson's disease, and other chronic neurodegenerative diseases.