Annexon (NASDAQ:ANNX) Stock Price Down 8.2% – Here’s Why

Annexon, Inc. (NASDAQ:ANNX) shares dropped 8.2% during mid-day trading on Wednesday . The stock traded as low as $5.93 and last traded at $5.90. 5,133,804 shares traded hands during trading, an increase of 78% from the average session volume of 2,887,156 shares. The stock had previously closed at $6.43.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Wall Street Zen upgraded Annexon from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Annexon in a report on Monday, April 20th. Chardan Capital reaffirmed a “buy” rating and set a $16.00 price objective on shares of Annexon in a research note on Friday, March 20th. Finally, The Goldman Sachs Group started coverage on Annexon in a report on Tuesday, May 12th. They set a “neutral” rating and a $7.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $16.00.

Annexon Stock Performance

The stock has a market cap of $942.90 million, a P/E ratio of -4.73 and a beta of 1.16. The firm has a 50-day moving average price of $5.36 and a 200-day moving average price of $5.55.

Annexon (NASDAQ:ANNX) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.07. On average, research analysts predict that Annexon, Inc. will post -0.92 earnings per share for the current year.

Insider Transactions at Annexon

In other Annexon news, Director William H. Carson bought 8,000 shares of the business’s stock in a transaction on Monday, May 11th. The shares were acquired at an average cost of $5.78 per share, for a total transaction of $46,240.00. Following the purchase, the director owned 78,405 shares in the company, valued at approximately $453,180.90. This trade represents a 11.36% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Muneer A. Satter purchased 613,497 shares of Annexon stock in a transaction dated Thursday, May 28th. The stock was bought at an average price of $5.41 per share, with a total value of $3,319,018.77. Following the completion of the purchase, the director directly owned 10,342,134 shares of the company’s stock, valued at approximately $55,950,944.94. This trade represents a 6.31% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company 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 added to or reduced their stakes in ANNX. AQR Capital Management LLC lifted its stake in Annexon by 122.6% in the 1st quarter. AQR Capital Management LLC now owns 73,790 shares of the company’s stock worth $142,000 after purchasing an additional 40,637 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of Annexon by 8.2% in the 1st quarter. Jane Street Group LLC now owns 99,924 shares of the company’s stock worth $193,000 after acquiring an additional 7,553 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Annexon by 31.1% in the 1st quarter. Acadian Asset Management LLC now owns 203,990 shares of the company’s stock worth $393,000 after acquiring an additional 48,345 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Annexon by 1.8% during the 2nd quarter. Geode Capital Management LLC now owns 2,284,773 shares of the company’s stock worth $5,484,000 after purchasing an additional 39,763 shares during the period. Finally, American Century Companies Inc. boosted its stake in shares of Annexon by 6.6% during the 2nd quarter. American Century Companies Inc. now owns 211,195 shares of the company’s stock worth $507,000 after purchasing an additional 13,001 shares during the period.

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.