Annovis Bio, Inc. (NYSE:ANVS) stock is showing gains during premarket trading on Wednesday, following a significant increase of more than 76% in the previous session.

According to Benzinga Pro, ANVS stock has lost over 34% in the past year.

Rodman & Renshaw analyst Elemer Piros reiterates Annovis Bio with a Buy and maintains a $67 price target.

The company announced new data from its Phase III Parkinson's study.

The study showed improvements on the Unified Parkinson's Disease Rating Scale (MDS-UPDRS) following treatment with buntanetap.

The findings demonstrated that the placebo group experienced cognitive deterioration throughout the study, whereas the treatment groups experienced no further deterioration.

"These compelling data reinforce our commitment to advancing buntanetap into a longer study, which will allow us not only to verify observed symptomatic improvements but also to explore buntanetap's disease-modifying properties," said Maria Maccecchini, Ph.D., Founder, President and CEO of Annovis Bio.

On June 27, the firm announced the filing of a provisional patent covering the manufacturing process of new solid forms of buntanetap.

This patent encompasses the methods for manufacturing the new crystalline form of buntanetap, which has demonstrated exceptional stability and efficacy.

The patent also covers the entire synthesis process, from basic starting materials to finished (>99.9% pure) GMP product, suitable for manufacturing scale at ton quantities.

Price Action: ANVS shares are trading higher by 6.79% to $9.90 premarket at last check Wednesday.

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