Annovis Bio downgraded to Hold from Buy at D. Boral Capital

D. Boral Capital downgraded Annovis Bio (ANVS) to Hold from Buy without a price target after the company announced the pricing of an underwritten public offering of 5.25M shares. While the form anticipated a capital raise, the structure of the deal left it “disappointed.” The company’s ability to fully realize the second phase of this financing now depends on the stock reaching $5, the analyst tells investors in a research note. Boral says that instead of eliminating the financing overhang, the capital raise structure prolongs it, weighing on the stock and altering its investment thesis.