Annexon (NASDAQ:ANNX) Earns Buy Rating from Analysts at Chardan Capital

Chardan Capital began coverage on shares of Annexon (NASDAQ:ANNX) in a research note released on Tuesday, Marketbeat Ratings reports. The firm issued a buy rating and a $16.00 price objective on the stock.

Other equities research analysts have also recently issued reports about the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Annexon in a report on Wednesday, October 8th. Wells Fargo & Company lifted their price objective on Annexon from $14.00 to $27.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 19th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Annexon Price Performance

Annexon stock opened at $5.20 on Tuesday. Annexon has a 1 year low of $1.28 and a 1 year high of $5.66. The firm’s 50 day moving average price is $3.93 and its 200-day moving average price is $3.04. The stock has a market cap of $622.08 million, a P/E ratio of -3.69 and a beta of 1.20.

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

Insider Buying and Selling at Annexon

In related news, Director Muneer A. Satter acquired 422,613 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The stock was bought at an average price of $4.28 per share, for a total transaction of $1,808,783.64. Following the acquisition, the director directly owned 9,728,637 shares of the company’s stock, valued at $41,638,566.36. This represents a 4.54% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jung Choi acquired 33,000 shares of the stock in a transaction on Monday, December 1st. The stock was bought at an average cost of $4.19 per share, with a total value of $138,270.00. Following the completion of the transaction, the director owned 33,000 shares in the company, valued at $138,270. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have bought 1,867,958 shares of company stock valued at $7,248,043. Corporate insiders own 11.87% of the company’s stock.

Hedge Funds Weigh In On Annexon

A number of hedge funds and other institutional investors have recently modified their holdings of ANNX. Woodline Partners LP raised its stake in Annexon by 150.4% in the third quarter. Woodline Partners LP now owns 2,638,275 shares of the company’s stock worth $8,047,000 after buying an additional 1,584,566 shares in the last quarter. Sio Capital Management LLC raised its position in shares of Annexon by 20.5% in the 2nd quarter. Sio Capital Management LLC now owns 4,095,764 shares of the company’s stock worth $9,830,000 after acquiring an additional 697,978 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Annexon by 8.7% in the 3rd quarter. Vanguard Group Inc. now owns 5,835,112 shares of the company’s stock worth $17,797,000 after acquiring an additional 469,073 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Annexon by 39.9% during the 2nd quarter. Bank of America Corp DE now owns 1,452,795 shares of the company’s stock worth $3,487,000 after purchasing an additional 414,071 shares during the last quarter. Finally, Rhenman & Partners Asset Management AB boosted its position in Annexon by 78.9% during the third quarter. Rhenman & Partners Asset Management AB now owns 823,000 shares of the company’s stock valued at $2,510,000 after purchasing an additional 363,000 shares in the last quarter.

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.