H.C. Wainwright analyst Ram Selvaraju has reiterated their bullish stance on ANVS stock, giving a Buy rating on March 20.
Ram Selvaraju’s rating is based on the anticipation of significant developments regarding Annovis Bio’s lead candidate buntanetap. The drug is currently under a Phase 2/3 trial for treating mild-to-moderate Alzheimer’s disease (AD), with results expected to be released imminently. The positive outcome of this trial could serve as a substantial value inflection point for Annovis Bio, which justifies the Buy rating. The trial’s design, a randomized, double-blind, placebo-controlled study with multiple dosing options, alongside the completion rate of participants, underscores the thoroughness of the investigation and its potential to impact the stock value positively.
Additionally, pivotal trial data for buntanetap in Parkinson’s disease (PD) is also due for release in the near future, possibly enhancing the drug’s profile and further supporting the Buy recommendation. Financially, Annovis Bio appears to be in a stable position, with recent fundraising efforts providing sufficient capital to support operations through these crucial data releases. Despite a wider net loss per share in 2023 than projected, due to non-cash expenses, the company’s financial status does not detract from the potential upside of successful trial outcomes. Therefore, Selvaraju reiterates the Buy rating, reflecting optimism about the forthcoming trial results and the company’s financial preparedness to advance its lead candidate.
In another report released on March 20, Canaccord Genuity also maintained a Buy rating on the stock with a $36.00 price target.
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Annovis Bio (ANVS) Company Description:
Annovis Bio Inc is a United States based clinical stage pharmaceutical company focused on developing and commercializing drugs for the treatment of Parkinson’s and Alzheimer’s diseases and other neuro degenerative diseases. The pipeline products of the company include ANVS-401, ANVS-405 and ANVS-301.
