Annovis Bio Inc. (ANVS) PT Lowered to $17 at Canaccord Genuity

Canaccord Genuity analyst Sumant Kulkami lowered the price target on Annovis Bio Inc. (NYSE: ANVS) to $17.00 (from $26.00) while maintaining a Buy rating.

The analyst commented: "We are adjusting our model post-1Q25 results. We continue to include buntanetap for early AD at a 25% probability of approval, and model a potential launch for early AD in 2028E, at an unchanged price of $17.5k/year. Our unadjusted peak share/ sales are 4.0%/~$2.0bn in 2035E. At this stage, we view our peak sales as more representative of a small-molecule product for symptom management vs. slowing of disease progression. Our peak sales could still be arguably conservative as buntanetap is a small molecule that has a very good safety profile so far. We are also taking down our near-term operating expenses modestly based on 1Q25 trends. Separately, we model a raise in 3Q25 at around ANVS' current share price, and subsequent capital raises on the back of potentially-positive data. A higher share count on financing-related dilution is the primary reason for our price target going from $26 to $17."

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