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Investing.com - H.C. Wainwright has reduced its price target on Annovis Bio Inc. (NYSE:ANVS) to $10.00 from $12.00 while maintaining a Buy rating, citing a "lengthier time to potential approval" for the company’s Alzheimer’s drug candidate. The stock, currently trading at $2.33, has experienced significant volatility, falling 72% over the past year while showing a 41% recovery in the last six months. According to InvestingPro, analyst targets for the stock range from $8 to $20, suggesting potential upside from current levels.
The firm’s adjustment comes as Annovis continues enrollment in its pivotal Phase 3 study of buntanetap in early Alzheimer’s disease. The randomized, placebo-controlled trial will evaluate the drug in approximately 750 patients over an 18-month period, with 38 patients having received either buntanetap or placebo as of mid-August. InvestingPro analysis indicates the company maintains strong liquidity with a current ratio of 7.65, though it remains unprofitable with negative EBITDA of $23.68 million.
The study is structured in two parts: a six-month assessment of symptomatic effects followed by a 12-month evaluation of potential disease-modifying effects. Primary outcomes include cognition assessment using the ADAS-Cog13 subscale and functional ability using the ADCS-iADL scale.
Annovis has secured 76 U.S. sites for the trial, with 46 currently enrolling patients and the remainder expected to begin enrollment shortly. Over 200 additional patients are in the screening process, with the screen failure rate at the expected level of 50%.
The company reached mid-2025 with approximately $17.1 million in cash and cash equivalents, which H.C. Wainwright expects will be sufficient to fund operations through completion of the six-month stage of the ongoing early Alzheimer’s disease trial. InvestingPro data shows the company holds more cash than debt on its balance sheet, with additional financial metrics and insights available to subscribers.
In other recent news, Annovis Bio has announced several important developments. The company has completed the transfer of patents for its drug candidate buntanetap, securing intellectual property protection for both its semi-crystalline and new crystalline forms until 2046. This expansion includes 13 patent families filed internationally, providing global coverage for the drug, which targets neurodegenerative diseases such as Alzheimer’s and Parkinson’s. In leadership changes, Annovis Bio’s CEO, Maria Maccecchini, has been appointed as Acting Chief Financial Officer following the resignation of Andrew Walsh, the Vice President of Finance and Principal Financial Officer. The company is actively seeking a replacement for the CFO position. Furthermore, H.C. Wainwright has adjusted its price target for Annovis Bio to $12.00 from $30.00 but maintained a Buy rating. This adjustment follows recent equity financing and the possibility of future equity issuances. Meanwhile, the Phase 3 trial for buntanetap is ongoing, involving approximately 750 patients across 100 clinical sites in the United States, aiming to establish the drug’s safety and efficacy.
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