Canaccord Genuity Reiterates Buy Rating on Annovis Bio Inc. (ANVS)

Canaccord Genuity analyst Sumant Kulkami reiterated a Buy rating and $26.00 price target on Annovis Bio Inc. (NYSE: ANVS).

The analyst commented: "ANVS recently reported its 2Q24 results and filed its 10-Q. The key update for us was that the company remains on track for planned meetings with the FDA in the fall on its programs for buntanetap in Parkinson' disease (PD) and Alzheimer's disease (AD). Recall the company announced Phase 3 data in PD and Phase 2/3 data in AD that focused on subgroups. In terms of next steps, we now wait for what the FDA might have to say on a path forward for the indications. The company has previously characterized the potential filing of a new drug application (NDA) in PD on the back of existing data as “aggressive.” We continue to view an alternate path forward, which could involve a new 18-month Phase 3 study with a 6-month interim analysis to look for a symptomatic effect, as workable. In short, we view ANVS as having generated some intriguing data with buntanetap, and we continue to view the shares as undervalued relative to the large sizes and significant unmet need in the PD and AD indications, and are maintaining our BUY rating. At the same time, we also continue to acknowledge the high-risk/high-reward nature of the indications involved, and the potentially significant need for investment in Phase 3 trials. In this context, we will be keeping a close watch on how ANVS can navigate through its needs. As of its 2Q24 press release, ANVS has said it has cash that “is sufficient to support operations through the planned AD and PD meetings in the fall and continuing until the initiation of the two pivotal studies planned.”

For an analyst ratings summary and ratings history on Annovis Bio Inc. click here. For more ratings news on Annovis Bio Inc. click here.

Shares of Annovis Bio Inc. closed at $8.46 yesterday.

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