Canaccord starts Annovis at Buy on potential in ‘high-risk/high-reward’ areas

As previously reported, Canaccord initiated coverage of Annovis Bio with a Buy rating and $36 price target. Lead candidate buntanetap is in Phase 3 testing for early Parkinson’s disease and Phase 2/3 study for mild-to-moderate Alzheimer’s disease, noted the analyst, who calls PD and AD “high-risk/high-reward indications” with high unmet need. The firm views the later-stage Parkinson’s trial as “arguably more important for the stock” as a very good result could lead to FDA interactions and a potential filing in early Parkinson’s, says the analyst, who adds that success even in one of these indications “could drive significant upside if data-related events play out favorably.”