Annovis Bio Shares Cut In Half Following Alzheimer's Data Presentation

Annovis Bio, Inc. ANVS, which took off on a strong rally in January, has quickly lost most of the gains.

What To Know: Annovis, a clinical-stage neurodegenerative diseases-focused biopharma, presented at the Alzheimer's Association International Conference new clinical and biomarker data from two Phase 2 studies of its lead compound ANVS401 in Alzheimer's and Parkinson's diseases.

Annovis went public in early 2020, offering 2 million shares in an initial public offering, priced at $6 per share. The stock was mostly rangebound around its IPO price in 2020. Its lead candidate is ANVS401, and it's also developing ANVS405, which is the same compound as ANVS401 but meant to be administered intravenously in cases of acute head and brain trauma.

A third asset ANVS301 is in preclinical development for later stages of Alzheimer's disease and dementia.

Much of the gains in Annovis stock this year have been on continuing news flow on ANVS401. A huge leap came in late May when the company reported positive Phase 2 data for ANVS401, showing it improved cognition in Alzheimer's disease.

Related Link: The Daily Biotech Pulse: Merck's Disappointing Q2, Atreca Falls On Data, FDA Nod For Viatris, Nuvalent, Icosavax IPOs

AAIC Presentation Raises Doubts: Efficacy measured in Alzheimer's disease patients using the ADAS-Cog11 showed that ANVS401 failed to show statistically significant difference versus placebo, 25 days following the treatment, according to presentation file posted by the company on its website.

Efficacy in Alzheimer's disease and Parkinson's disease patients using the mini-mental state examination test showed placebo faring better than ANVS401.

The not-so-encouraging data sent investors scurrying out of the stock.

Although Biogen, Inc. BIIB managed to get approval for its Aduhelm to treat Alzheimer's, controversies are still raging over the propriety of the FDA approval process. Wary investors, therefore, may prefer cashing out of the stock until Annovis can produce more concrete evidence for the efficacy of ANVS401.

At last check, Annovis shares were down 55% at $49.51.

Posted In: Alzheimer's diseaseBiotechNewsHealth CareSmall CapMoversTrading IdeasGeneral

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.