Annexon, Inc. (NASDAQ:ANNX) Receives Average Recommendation of “Hold” from Brokerages

Shares of Annexon, Inc. (NASDAQ:ANNX) have been given a consensus rating of “Hold” by the seven research firms that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $16.00.

Several equities analysts have issued reports on ANNX shares. Wall Street Zen raised shares of Annexon from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Annexon in a report on Monday, April 20th. The Goldman Sachs Group started coverage on Annexon in a research report on Tuesday, May 12th. They issued a “neutral” rating and a $7.00 price objective for the company. Finally, Chardan Capital restated a “buy” rating and set a $16.00 target price on shares of Annexon in a research note on Friday, March 20th.

Insider Activity

In related news, Director Muneer A. Satter acquired 613,497 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was purchased at an average cost of $5.41 per share, with a total value of $3,319,018.77. Following the transaction, the director directly owned 10,342,134 shares of the company’s stock, valued at $55,950,944.94. This trade represents a 6.31% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William H. Carson bought 8,000 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was bought at an average price of $5.78 per share, with a total value of $46,240.00. Following the completion of the purchase, the director directly owned 78,405 shares in the company, valued at $453,180.90. This represents a 11.36% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 10.31% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Redmile Group LLC raised its stake 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 worth $80,606,000 after purchasing an additional 4,499,124 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its position in 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 valued at $27,610,000 after buying an additional 4,000,000 shares during the last quarter. Siren L.L.C. purchased a new stake in Annexon in the first quarter valued at approximately $21,931,000. Mak Capital One LLC acquired a new position in Annexon in the 4th quarter worth approximately $14,852,000. Finally, Bank of America Corp DE increased its holdings in Annexon by 165.3% in the 1st 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 during the period.

Annexon Price Performance

Shares of ANNX stock opened at $5.94 on Friday. Annexon has a 1-year low of $1.85 and a 1-year high of $7.18. The stock’s 50-day moving average is $5.36 and its 200 day moving average is $5.55. The company has a market cap of $973.21 million, a P/E ratio of -4.87 and a beta of 1.16.

Annexon (NASDAQ:ANNX) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.07. On average, analysts anticipate that Annexon will post -0.92 EPS for the current 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.