Annexon (NASDAQ:ANNX) Stock Price Up 9.5% – Still a Buy?

Shares of Annexon, Inc. (NASDAQ:ANNX) rose 9.5% during trading on Wednesday . The company traded as high as $6.68 and last traded at $6.7440. Approximately 1,685,557 shares were traded during mid-day trading, a decline of 38% from the average daily volume of 2,732,673 shares. The stock had previously closed at $6.16.

Wall Street Analyst Weigh In

ANNX has been the topic of several research reports. Wells Fargo & Company raised their price objective on shares of Annexon from $14.00 to $27.00 and gave the company an “overweight” rating in a research report on Wednesday, November 19th. Weiss Ratings restated a “sell (d-)” rating on shares of Annexon in a research report on Wednesday, October 8th. Chardan Capital assumed coverage on Annexon in a research note on Tuesday, December 23rd. They set a “buy” rating and a $16.00 price target for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Annexon in a report on Wednesday, January 14th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Annexon has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Annexon Stock Performance

The company has a market cap of $819.49 million, a PE ratio of -4.86 and a beta of 1.19. The business’s 50-day moving average is $4.80 and its 200 day moving average is $3.42.

Annexon (NASDAQ:ANNX) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.03). Equities research analysts anticipate that Annexon, Inc. will post -0.96 EPS for the current fiscal year.

Insider Activity at Annexon

In related news, Director Jung Choi purchased 33,000 shares of the firm’s stock in a transaction on Monday, December 1st. The shares were acquired at an average cost of $4.19 per share, with a total value of $138,270.00. Following the purchase, the director directly owned 33,000 shares of the company’s stock, valued at approximately $138,270. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Muneer A. Satter acquired 500,000 shares of the company’s stock in a transaction dated Wednesday, November 19th. The shares were bought at an average cost of $3.94 per share, with a total value of $1,970,000.00. Following the purchase, the director owned 8,906,024 shares of the company’s stock, valued at approximately $35,089,734.56. This trade represents a 5.95% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have purchased 1,867,958 shares of company stock worth $7,256,150. 11.87% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Annexon

Several institutional investors have recently added to or reduced their stakes in the company. Matauro LLC bought a new position in shares of Annexon during the second quarter valued at about $27,000. Vanguard Personalized Indexing Management LLC purchased a new position in Annexon during the 2nd quarter valued at about $29,000. 49 Wealth Management LLC bought a new position in Annexon during the 2nd quarter valued at approximately $29,000. CIBC Bancorp USA Inc. bought a new position in Annexon during the 3rd quarter valued at approximately $31,000. Finally, Engineers Gate Manager LP purchased a new stake in Annexon in the 2nd quarter worth approximately $32,000.

Annexon Company Profile

Annexon Inc is a clinical-stage biotechnology company focused on the discovery and development of complement-targeted therapies for patients with neurodegenerative and neuroimmune diseases. The company’s research platform centers on the inhibition of the C1 complex, a key initiator of the classical complement pathway implicated in several rare and life-threatening disorders. By selectively targeting upstream complement activation, Annexon aims to prevent the aberrant immune-mediated damage that characterizes conditions such as Guillain-Barré syndrome (GBS) and autoimmune neuropathies.

At the core of Annexon’s pipeline is ANX005, a humanized monoclonal antibody directed against the C1q subcomponent, currently in Phase 2 clinical trials for acute GBS and chronic neurodegenerative indications.