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Annovis Bio (NYSE:ANVS) stock closed up a staggering 76% today on promising new data from its Phase 3 clinical study of its Parkinson’s treatment, buntanetap. Early results show that its buntanetap is both safe and effective in treating patients with early Parkinson’s, helping them retain and improve both motor and non-motor activities and cognitive functions.

According to the data, buntanetap showed statistically significant improvements in cognitive ability in the overall population of Parkinson’s patients within the trial.

In particular, patients whose cognitive functions had declined significantly showed improvements in both primary and secondary endpoints, Annovis stated.

“We are very pleased to see improvements in many of our patients over such a short course of treatment. 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, founder, president and CEO of Annovis Bio.

Additionally, the 20-miligram dosing “showed significant improvement in cognition compared to placebo,” Annovis noted.

In contrast, patients enrolled in the placebo group experienced cognitive deterioration throughout the study, while all treatment groups maintained baseline levels. The treatment groups received either 10-miligram or 20-miligram dosages of the drug.

What Do the New Results Mean for ANVS Stock?

Despite today’s massive gains, ANVS stock is still in the red for 2024. Indeed, Annovis shares are down 50% year to date.

Hopeful investors should tune into the company’s webcast scheduled for today, July 2, at 4:30 p.m. Eastern. There the company is expected to share additional trial results and may give updates on its path forward.

On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.