Annovis Bio, Inc. (NYSE:ANVS) Sees Large Increase in Short Interest

Annovis Bio, Inc. (NYSE:ANVS) saw a large growth in short interest in the month of July. As of July 15th, there was short interest totalling 1,540,000 shares, a growth of 15.8% from the June 30th total of 1,330,000 shares. Based on an average daily trading volume, of 1,990,000 shares, the short-interest ratio is presently 0.8 days.

Annovis Bio Stock Performance

NYSE:ANVS opened at $10.97 on Monday. The firm’s fifty day simple moving average is $8.32 and its 200 day simple moving average is $9.45. Annovis Bio has a twelve month low of $4.53 and a twelve month high of $22.49.

Annovis Bio (NYSE:ANVS) last posted its earnings results on Monday, May 13th. The company reported ($0.72) earnings per share for the quarter, beating the consensus estimate of ($0.87) by $0.15. Sell-side analysts anticipate that Annovis Bio will post -2.46 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Rodman & Renshaw reissued a “buy” rating and set a $67.00 price objective on shares of Annovis Bio in a research note on Tuesday, July 2nd. HC Wainwright restated a “buy” rating and set a $30.00 target price on shares of Annovis Bio in a report on Wednesday, July 17th. Finally, Canaccord Genuity Group reduced their target price on shares of Annovis Bio from $36.00 to $26.00 and set a “buy” rating on the stock in a report on Tuesday, April 30th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Annovis Bio has a consensus rating of “Moderate Buy” and an average target price of $33.60.

Hedge Funds Weigh In On Annovis Bio

A number of institutional investors have recently added to or reduced their stakes in the company. Wealthspire Advisors LLC raised its stake in shares of Annovis Bio by 9.9% in the 4th quarter. Wealthspire Advisors LLC now owns 10,990 shares of the company’s stock valued at $206,000 after purchasing an additional 990 shares in the last quarter. Redmond Asset Management LLC grew its position in shares of 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 buying an additional 2,077 shares during the last quarter. Private Trust Co. NA bought a new stake in shares of Annovis Bio during the 4th quarter valued at about $56,000. Cetera Advisors LLC bought a new stake in shares of Annovis Bio during the 1st quarter valued at about $122,000. Finally, Greenwich Wealth Management LLC bought a new stake in shares of Annovis Bio during the 4th quarter valued at about $192,000. Institutional investors and hedge funds own 15.83% of the company’s stock.

About Annovis Bio

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.