Annovis Bio, Inc. (NYSE:ANVS) Shares Sold by Merit Financial Group LLC

Merit Financial Group LLC decreased its holdings in Annovis Bio, Inc. (NYSE:ANVS) by 46.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,200 shares of the company’s stock after selling 19,000 shares during the quarter. Merit Financial Group LLC owned about 0.21% of Annovis Bio worth $415,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Private Trust Co. NA acquired a new stake in shares of Annovis Bio in the 4th quarter worth $56,000. Greenwich Wealth Management LLC acquired a new stake in shares of Annovis Bio in the 4th quarter worth $192,000. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of Annovis Bio in the 3rd quarter worth $2,847,000. Institutional investors and hedge funds own 15.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ANVS shares. Brookline Capital Management cut Annovis Bio from a “buy” rating to a “hold” rating and set a $9.00 price objective for the company. in a research report on Wednesday, February 28th. Canaccord Genuity Group lowered their price target on Annovis Bio from $36.00 to $26.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $30.00 price target on shares of Annovis Bio in a research report on Tuesday, April 30th.

Annovis Bio Stock Performance

Shares of ANVS opened at $5.30 on Wednesday. The stock has a 50-day moving average of $10.14 and a two-hundred day moving average of $10.21. Annovis Bio, Inc. has a one year low of $4.86 and a one year high of $22.49. The stock has a market cap of $58.35 million, a P/E ratio of -0.85 and a beta of 1.76.

Annovis Bio (NYSE:ANVS) last released its quarterly earnings data on Friday, March 29th. The company reported ($1.09) earnings per share for the quarter. Analysts predict that Annovis Bio, Inc. will post -2.93 EPS for the current fiscal year.

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.