Annexon, Inc. (NASDAQ:ANNX) Receives Consensus Rating of “Hold” from Analysts

Annexon, Inc. (NASDAQ:ANNX) has received a consensus recommendation of “Hold” from the nine research firms that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $15.3333.

Several equities analysts have issued reports on ANNX shares. Citigroup began coverage on Annexon in a research note on Tuesday, July 21st. They issued a “market underperform” rating on the stock. Needham & Company LLC raised their price target on shares of Annexon from $11.00 to $25.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Annexon in a research note on Monday, July 13th. The Goldman Sachs Group initiated coverage on Annexon in a research report on Tuesday, May 12th. They set a “neutral” rating and a $7.00 target price on the stock. Finally, Citizens Jmp raised Annexon from an “underperform” rating to a “market perform” rating in a report on Thursday, August 13th.

Insider Activity

In related news, Director Muneer A. Satter acquired 613,497 shares of the stock in a transaction dated Thursday, May 28th. The stock was acquired at an average cost of $5.41 per share, for a total transaction of $3,319,018.77. Following the completion of the purchase, the director owned 10,342,134 shares of the company’s stock, valued at approximately $55,950,944.94. This represents a 6.31% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 10.31% of the company’s stock.

Institutional Investors Weigh In On Annexon

A number of institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new position in Annexon during the 2nd quarter worth approximately $77,312,000. Redmile Group LLC boosted its holdings in shares of Annexon by 44.8% in the 1st quarter. Redmile Group LLC now owns 14,549,768 shares of the company’s stock valued at $80,606,000 after acquiring an additional 4,499,124 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its stake in shares of Annexon by 266.7% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 5,500,000 shares of the company’s stock worth $27,610,000 after acquiring an additional 4,000,000 shares during the period. Siren L.L.C. purchased a new position in shares of Annexon during the first quarter worth $21,931,000. Finally, Mak Capital One LLC acquired a new position in Annexon during the fourth quarter valued at $14,852,000.

Annexon Stock Performance

NASDAQ:ANNX traded down $0.17 during trading hours on Monday, reaching $4.90. The company’s stock had a trading volume of 612,562 shares, compared to its average volume of 2,923,579. The stock has a 50 day moving average price of $5.38 and a two-hundred day moving average price of $5.46. The company has a market capitalization of $928.18 million, a P/E ratio of -4.22 and a beta of 1.18. Annexon has a 12 month low of $2.03 and a 12 month high of $7.18.

Annexon (NASDAQ:ANNX) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). As a group, analysts predict that Annexon will post -1.01 EPS for the current fiscal year.

About Annexon

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.