Annovis Bio tumbles on share offering

Annovis Bio's ANVS.N shares tumble 16.1% to $1.93 before the bell after $10 mln equity raise

Malvern, Pennsylvania-based biotech announces pricing ~5.3 mln shares and accompanying warrants at $1.90

Offering price represents 17.4% discount to stock's last sale on Weds

Warrants exercisable beginning in six months at exercise price of $2.50, and they expire in 5-1/2 years

ANVS intends to use net offering proceeds for clinical development of its lead drug, buntanetap, in Phase 3 study for Alzheimer’s disease, and for working capital and general purposes

Canaccord Genuity sole bookrunner

Co has ~28.4 mln shares outstanding for market cap of $65 mln through Weds

Stock had already lost 33.5% YTD at last close

All 4 analysts covering the stock rate it "buy"; 3 PTs are $10, $17 and $20, per LSEG data