Annexon (NASDAQ:ANNX) Given New $15.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised Annexon’s price target to $15 from $14 and maintained an “overweight” rating, implying roughly 254% upside from the reported $4.24 share price.
• Analyst sentiment is mixed: six analysts rate the stock Buy, two Hold, and two Sell, producing a consensus “Hold” rating and average price target of $15.29.
• Annexon reported a quarterly loss of $0.28 per share, missing expectations by $0.04, while CEO Douglas Love recently purchased nearly 26,100 shares at an average price of $3.83.

Annexon (NASDAQ:ANNX - Get Free Report) had its price target upped by research analysts at JPMorgan Chase & Co. from $14.00 to $15.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 254.19% from the stock's current price.

A number of other analysts have also issued reports on ANNX. Needham & Company LLC raised their target price on Annexon from $11.00 to $25.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. Citizens Jmp raised shares of Annexon from an "underperform" rating to a "market perform" rating in a research note on Thursday, August 13th. HC Wainwright reissued a "buy" rating and issued a $14.00 price target on shares of Annexon in a report on Monday, July 20th. Wall Street Zen cut shares of Annexon from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. Finally, Cantor Fitzgerald reiterated 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 assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $15.29.

Annexon Price Performance

Shares of Annexon stock traded up $0.10 during trading hours on Wednesday, hitting $4.24. The company had a trading volume of 2,205,390 shares, compared to its average volume of 2,952,693. Annexon has a twelve month low of $2.54 and a twelve month high of $7.18. The company has a market cap of $802.87 million, a P/E ratio of -3.64 and a beta of 1.21. The company's 50-day moving average is $4.81 and its two-hundred day moving average is $5.28.

Annexon (NASDAQ:ANNX - Get Free Report) last released its earnings results on Wednesday, August 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Sell-side analysts expect that Annexon will post -1.04 EPS for the current year.

Insider Activity

In other Annexon 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 cost of $3.83 per share, with a total value of $99,828.95. Following the completion of the acquisition, the chief executive officer owned 390,476 shares in the company, valued at approximately $1,495,523.08. This represents a 7.15% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 10.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Annexon

Several hedge funds have recently modified their holdings of ANNX. Integrated Wealth Concepts LLC boosted its position in shares of Annexon by 32.3% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 13,537 shares of the company's stock valued at $77,000 after acquiring an additional 3,305 shares during the last quarter. ProShare Advisors LLC increased its position in Annexon by 21.7% in the fourth quarter. ProShare Advisors LLC now owns 24,698 shares of the company's stock worth $124,000 after purchasing an additional 4,410 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Annexon by 3.6% during the first quarter. The Manufacturers Life Insurance Company now owns 134,786 shares of the company's stock valued at $747,000 after purchasing an additional 4,684 shares in the last quarter. ADAR1 Capital Management LLC lifted its position in Annexon by 14.6% during the first quarter. ADAR1 Capital Management LLC now owns 55,000 shares of the company's stock valued at $305,000 after purchasing an additional 7,000 shares during the last quarter. Finally, Abel Hall LLC purchased a new position in shares of Annexon in the 1st quarter worth $61,000.

About Annexon

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.

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