Annexon (NASDAQ:ANNX) Share Price Breaks Above Fifty Day Moving Average – Here’s What Happened

Annexon, Inc. (NASDAQ:ANNX)’s share price passed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $4.16 and traded as high as $4.23. Annexon shares last traded at $4.19, with a volume of 4,280,895 shares traded.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ANNX shares. Citizens Jmp upgraded Annexon from an “underperform” rating to a “market perform” rating in a research note on Thursday, August 13th. JPMorgan Chase & Co. upped their target price on Annexon from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Wednesday, September 30th. Citigroup initiated coverage on Annexon in a research note on Tuesday, July 21st. They issued a “market underperform” rating for the company. HC Wainwright reissued a “buy” rating and issued a $14.00 price target on shares of Annexon in a report on Monday, July 20th. Finally, Needham & Company LLC boosted their price target on Annexon from $11.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $15.29.

Annexon Trading Up 6.3%

The company has a market cap of $794.34 million, a PE ratio of -3.61 and a beta of 1.43. The firm’s 50-day simple moving average is $4.16 and its two-hundred day simple moving average is $5.20.

Annexon (NASDAQ:ANNX) last posted 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, Inc. will post -1.05 EPS for the current year.

Insider Buying and Selling at Annexon

In other news, CEO Douglas Love bought 26,065 shares of the business’s stock in a transaction that occurred on Thursday, September 24th. The shares were purchased at an average cost of $3.83 per share, with a total value of $99,828.95. Following the transaction, the chief executive officer directly owned 390,476 shares in the company, valued at approximately $1,495,523.08. The trade was a 7.15% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 10.31% of the stock is owned by company insiders.

Institutional Trading of Annexon

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Annexon during the 2nd quarter valued at about $77,312,000. Redmile Group LLC increased its holdings in shares of Annexon by 44.8% in the first 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 period. Siren L.L.C. acquired a new position in shares of Annexon in the first quarter valued at about $21,931,000. Palo Alto Investors LP purchased a new position in shares of Annexon in the second quarter worth about $16,833,594. Finally, Bank of America Corp DE raised its stake in shares of Annexon by 165.3% in the first quarter. Bank of America Corp DE now owns 4,259,995 shares of the company’s stock worth $23,600,000 after purchasing an additional 2,654,414 shares during the last quarter.

Annexon Company Profile

Annexon, Inc (NASDAQ: ANNX) is a clinical-stage biotechnology company developing therapies for diseases associated with abnormal activation of the classical complement pathway. The company’s approach is designed to selectively inhibit complement activity while preserving the immune system’s ability to perform essential functions.

Annexon’s pipeline has included ANX005, a monoclonal antibody targeting C1q, the initiating protein of the classical complement pathway. The company has evaluated ANX005 in immune-mediated and neuroinflammatory disorders, including Guillain-Barré syndrome.