Annexon (NASDAQ:ANNX) Shares Climb 5.1% – Still a Buy?

Annexon, Inc. (NASDAQ:ANNX) shares shot up 5.1% during trading on Tuesday. The stock traded as high as $4.20 and last traded at $4.2150. 1,227,574 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 2,942,543 shares. The stock had previously closed at $4.01.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ANNX. Weiss Ratings restated a “sell (d-)” rating on shares of Annexon in a research note on Friday, July 17th. HC Wainwright reaffirmed a “buy” rating and set a $14.00 price target on shares of Annexon in a research report on Monday, July 20th. Citigroup began coverage on shares of Annexon in a report on Tuesday, July 21st. They issued a “market underperform” rating on the stock. JPMorgan Chase & Co. upped their price objective on Annexon from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Annexon in a research report on Monday, July 13th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Annexon presently has a consensus rating of “Hold” and an average price target of $15.29.

Annexon Stock Up 2.5%

The company’s 50-day moving average price is $4.79 and its 200-day moving average price is $5.27. The firm has a market cap of $802.87 million, a price-to-earnings ratio of -3.65 and a beta of 1.21.

Annexon (NASDAQ:ANNX) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Analysts predict that Annexon, Inc. will post -1.04 earnings per share for the current fiscal year.

Insider Activity at Annexon

In other news, CEO Douglas Love bought 26,065 shares of Annexon stock in a transaction on Thursday, September 24th. The stock was acquired at an average price of $3.83 per share, with a total value of $99,828.95. Following the completion of the acquisition, the chief executive officer directly owned 390,476 shares of the company’s stock, valued at $1,495,523.08. The trade was a 7.15% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 10.31% of the stock is owned by insiders.

Institutional Trading of Annexon

Institutional investors have recently made changes to their positions in the company. Redmile Group LLC raised its stake in 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 purchasing an additional 4,499,124 shares during the last quarter. BlackRock Inc. acquired a new stake in Annexon during the 2nd quarter worth $77,312,000. BVF Inc. IL boosted its stake in Annexon by 30.4% during the 4th quarter. BVF Inc. IL now owns 9,128,080 shares of the company’s stock worth $45,823,000 after purchasing an additional 2,128,080 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Annexon by 165.3% during the first quarter. Bank of America Corp DE now owns 4,259,995 shares of the company’s stock worth $23,600,000 after buying an additional 2,654,414 shares in the last quarter. Finally, Siren L.L.C. acquired a new stake in shares of Annexon in the first quarter valued at about $21,931,000.

Annexon Company Profile

Annexon, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for diseases driven by the classical complement pathway, an immune system mechanism that can contribute to inflammation and the destruction of healthy cells. The company’s approach is designed to selectively inhibit complement activity while preserving other potentially beneficial immune functions.

Annexon’s lead programs include ANX005, an investigational monoclonal antibody that targets C1q and is being evaluated in immune-mediated and neuroinflammatory conditions, including Guillain-Barré syndrome.