Annovis Bio price target lowered to $17 from $26 at Canaccord

Canaccord analyst Sumant Kulkarni lowered the firm’s price target on Annovis Bio (ANVS) to $17 from $26 and keeps a Buy rating on the shares. The firm noted the released Q1 results which showed the company initiated its pivotal Phase 3 clinical trial for buntanetap for early Alzheimer’s disease (AD). Previously the company had said earlier that it had reached alignment with the FDA on a pivotal trial with a 6-month endpoint focused on symptomatic benefit and an 18-month endpoint to address disease progression in early AD.