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Canaccord Genuity has maintained a Buy rating on Annovis Bio Inc. (NYSE: ANVS), with a price target of $26.00. The firm highlighted that Annovis Bio remains on schedule for its upcoming meetings with the FDA in the fall regarding its treatments for Parkinson's disease (PD) and Alzheimer's disease (AD).
Annovis Bio recently disclosed its second-quarter financial results for the year 2024 and filed its 10-Q report. The focal point of the update was the company's progress towards the FDA discussions about buntanetap, its investigative drug for PD and AD. The company had previously announced Phase 3 data in PD and Phase 2/3 data in AD, which were concentrated on specific subgroups.
The next steps for Annovis Bio involve waiting for the FDA's feedback on the potential paths forward for these indications. Although the company has described the possibility of filing a new drug application (NDA) for PD based on existing data as aggressive, Canaccord Genuity sees an alternative route.
This could include a new 18-month Phase 3 study with a 6-month interim analysis to determine a symptomatic effect as a viable option.
Canaccord Genuity's stance is that Annovis Bio's data on buntanetap are promising, and the stock is currently undervalued given the substantial market and unmet need in the PD and AD therapeutic areas.
However, the firm also recognizes the high-risk/high-reward nature of these indications and the substantial investment that may be required for Phase 3 trials.
Annovis Bio has indicated that its current cash reserves are adequate to fund operations through the anticipated AD and PD meetings with the FDA in the fall and until the start of the two pivotal studies that are planned.
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