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

Annovis Bio, Inc. (NYSE:ANVS) was the target of a significant growth in short interest in February. As of February 28th, there was short interest totalling 1,680,000 shares, a growth of 16.7% from the February 13th total of 1,440,000 shares. Based on an average daily trading volume, of 505,000 shares, the days-to-cover ratio is currently 3.3 days. Currently, 17.4% of the shares of the stock are short sold.

Hedge Funds Weigh In On Annovis Bio

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC lifted its stake in Annovis Bio by 30.0% in the 3rd quarter. Geode Capital Management LLC now owns 99,114 shares of the company’s stock worth $799,000 after acquiring an additional 22,881 shares in the last quarter. Merit Financial Group LLC lifted its stake in Annovis Bio by 269.0% in the 4th quarter. Merit Financial Group LLC now owns 98,516 shares of the company’s stock worth $496,000 after acquiring an additional 71,816 shares in the last quarter. Jane Street Group LLC lifted its stake in Annovis Bio by 99.7% in the 4th quarter. Jane Street Group LLC now owns 68,107 shares of the company’s stock worth $343,000 after acquiring an additional 34,001 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in Annovis Bio in the 4th quarter worth about $258,000. Finally, Quest Partners LLC purchased a new stake in Annovis Bio in the 3rd quarter worth about $371,000. Institutional investors and hedge funds own 15.83% of the company’s stock.

Annovis Bio Stock Performance

Shares of NYSE:ANVS traded down $0.01 during midday trading on Thursday, reaching $1.83. The company had a trading volume of 5,582 shares, compared to its average volume of 766,425. Annovis Bio has a 1-year low of $1.53 and a 1-year high of $20.00. The firm has a market cap of $25.98 million, a price-to-earnings ratio of -0.41 and a beta of 1.65. The company has a fifty day simple moving average of $3.12 and a two-hundred day simple moving average of $5.84.

Analysts Set New Price Targets

Separately, D. Boral Capital reaffirmed a “hold” rating on shares of Annovis Bio in a research note on Monday, February 10th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Annovis Bio presently has a consensus rating of “Buy” and an average target price of $37.00.

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.