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

Maxim Group upgraded shares of Annovis Bio (NYSE:ANVS) from a hold rating to a buy rating in a research note released on Friday morning, Marketbeat.com reports. Maxim Group currently has $25.00 price objective on the stock.

Several other research analysts have also recently issued reports on ANVS. EF Hutton Acquisition Co. I upgraded Annovis Bio to a “strong-buy” rating in a research note on Tuesday, August 13th. Rodman & Renshaw reissued a “buy” rating and issued a $67.00 price objective on shares of Annovis Bio in a report on Tuesday, July 2nd. Finally, HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Annovis Bio in a report on Wednesday, October 16th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $32.17.

Annovis Bio Stock Performance

ANVS stock opened at $9.88 on Friday. The firm has a 50-day simple moving average of $8.55 and a two-hundred day simple moving average of $8.58. Annovis Bio has a one year low of $4.53 and a one year high of $22.49. The firm has a market cap of $110.37 million, a price-to-earnings ratio of -1.72 and a beta of 1.72.

Annovis Bio (NYSE:ANVS) last posted its quarterly earnings data on Thursday, August 15th. The company reported ($0.44) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.19. As a group, equities analysts predict that Annovis Bio will post -2.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On 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 boosted its position in 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 last quarter. XTX Topco Ltd acquired a new position in Annovis Bio during the second quarter worth about $115,000. Redmond Asset Management LLC grew its stake in Annovis Bio by 6.1% during the 1st quarter. Redmond Asset Management LLC now owns 36,157 shares of the company’s stock valued at $430,000 after acquiring an additional 2,077 shares in the last quarter. Finally, Vanguard Group Inc. raised 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 acquiring an additional 20,588 shares during the last quarter. Hedge funds and other institutional investors own 15.83% of the company’s stock.

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.