Shares of Annovis Bio Inc (NYSE: ANVS) more than doubled on Tuesday after the biotech firm reported positive late-stage data for buntanetap.
Buntanetap is the candidate treatment of ANVS for Parkinson’s disease.
At the time of writing, Annovis stock is trading at $10.50 – still down some 45% versus the start of 2024.
What does the data mean for Annovis stock?
Buntanetap was shown to be effective in improving motor and nonmotor activities in a Phase 3 trial.
It helped patients of Parkinson’s with overall cognitive function as well. Maria Maccecchini – the chief executive of Annovis Bio said in a press release today:
The data reinforces our commitment to advancing buntanetap into longer study, which will allow us to verify observed symptomatic improvements [and] explore buntanetap’s disease-modifying properties.
Annovis shares are now up 120% versus their year-to-date low.
Annovis Bio’s buntanetap is safe for use
Patients on a 20 mg dose of buntanetap in a late-stage study “showed significant improvement in cognition” compared with the placebo group that showed continued cognitive deterioration.
Annovis Bio found its drug to be effective in improving cognition in patients of mild dementia as well. Buntanetap also helped improve motor and nonmotor functions in patients with PIGD (postural instability and gait difficulty) who are known to have rapid disease progression.
The candidate drug “maintained a consistent safety profile across all participants”, as per the company’s press release on Tuesday.
Annovis stock has thoroughly pleased investors in recent weeks but it does not pay a dividend at writing.
ANVS is yet to generate any revenue
Annovis Bio will discuss findings of its late-stage study involving buntanetap in a webcast at 04:30 p.m. ET on Tuesday.
The Phase 3 data is significant as more than 10 million people worldwide and about 1 million in the U.S. alone are currently living with Parkinson’s, as per the American Parkinson’s Disease Association.
In May, ANVS reported 72 cents a share of loss for its first financial quarter – narrower than 80 cents per share that experts had forecast. The New York listed firm did not generate any revenue in its fiscal Q1. At the time, CEO Maria Maccecchini said:
The first quarter proved to be pivotal for our company as we continued to wind down our two recent clinical trials – Phase III in Parkinson’s and Phase II/III in Alzheimer’s.
Annovis ended the quarter with $3.1 million in cash and equivalents. Wall Street currently has a consensus “overweight” rating on Annovis stock. Analysts see upside in it to $40 on average which suggests it could nearly quadruple from here over the next twelve months.
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