Analyst Jason McCarthy from Maxim Group maintained a Buy rating on Annovis Bio and keeping the price target at $8.00.
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Jason McCarthy has given his Buy rating due to a combination of factors surrounding Annovis Bio’s recent developments. The company announced promising new biomarker data from a Phase 3 trial of their drug buntanetap in Parkinson’s disease, which has led to a significant increase in the company’s stock value. The data suggests that buntanetap may help maintain cognitive function in patients with mild to moderate Parkinson’s disease, particularly in those with amyloid co-pathology, which is linked to accelerated cognitive decline.
Additionally, Annovis Bio is preparing for a Type C meeting with the FDA to discuss the development pathway for buntanetap in Parkinson’s disease dementia. The drug’s mechanism of action, which involves inhibiting the synthesis of neurotoxic proteins associated with Alzheimer’s and Parkinson’s, shows potential for improving cognition and motor function. These developments, along with the continued analysis of biomarker data, position Annovis Bio favorably for advancing their drug’s clinical prospects, justifying the Buy rating.
In another report released on November 14, Canaccord Genuity also maintained a Buy rating on the stock with a $17.00 price target.