JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
On Friday, H.C. Wainwright adjusted its outlook on Annovis Bio Inc. (NYSE:ANVS) shares, increasing the price target to $30.00 from the previous $23.00, while maintaining a Buy rating on the stock. The decision follows Annovis Bio's announcement of promising new data from its Phase 3 study of buntanetap in Parkinson's disease (PD) patients.
The company's recent press release and conference call earlier this month highlighted buntanetap's safety and efficacy in improving both motor and non-motor functions, as well as cognitive abilities in early-stage Parkinson's patients.
Annovis Bio's findings showed that buntanetap halted cognitive decline across all participants with a Mini-Mental State Examination (MMSE) score of 20-30. Additionally, those with mild dementia (MMSE 20-26) exhibited cognitive improvements when treated with the drug.
The study's results indicated that while the placebo group experienced a decline in cognitive function, all groups receiving buntanetap, at doses of 10mg and 20mg, maintained their baseline cognitive levels.
This was a statistically significant finding that suggests buntanetap's potential in preventing cognitive deterioration. More notably, patients with mild dementia treated with the 20mg dose of buntanetap showed a significant cognitive improvement compared to those in the placebo group.
In light of these results, H.C. Wainwright has increased the estimated probability of buntanetap's approval for treating Parkinson's disease from 40% to 50%. The firm's revised price target reflects the heightened prospects of the drug's success and its potential market impact.
In other recent news, Annovis Bio, Inc. has reported significant developments. The company has generated $7 million from the exercise of approximately 0.8 million warrants, providing a substantial influx of cash.
However, the specific use of these proceeds remains undisclosed. Additionally, Annovis Bio has announced positive Phase III study results for its drug buntanetap, demonstrating improvements in motor and non-motor functions, and cognitive abilities in Parkinson's disease patients.
Furthermore, the company has filed a new patent for a novel crystalline form of buntanetap, aimed at treating neurodegenerative disorders such as Alzheimer's and Parkinson's Disease. This new form is expected to advance the company's pipeline and improve the drug's properties.
In corporate news, shareholders have elected five board members and approved an amendment to the company's equity incentive plan. Lastly, data cleaning for a Phase III study of buntanetap, targeting early Parkinson’s disease, has been completed with top-line efficacy data anticipated soon. These are recent developments and represent ongoing progress in the company's operations.
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