JPMorgan Chase & Co. Boosts Annexon (NASDAQ:ANNX) Price Target to $14.00

Key Points

• JPMorgan raised Annexon’s price target from $10 to $14 and maintained an “overweight” rating, implying approximately 188% upside from the stock’s prior close.
• Analyst sentiment remains mixed: Annexon has a consensus rating of “Hold” and an average price target of $15.14, with six Buy, two Hold, and two Sell ratings.
• Shares closed at $4.86, while the company reported a quarterly loss of $0.28 per share, missing the $0.24-per-share consensus estimate.

Annexon (NASDAQ:ANNX - Get Free Report) had its target price raised by research analysts at JPMorgan Chase & Co. from $10.00 to $14.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price points to a potential upside of 188.36% from the company's previous close.

Several other equities analysts also recently commented on the stock. Citizens Jmp upgraded shares of Annexon from an "underperform" rating to a "market perform" rating in a report on Thursday, August 13th. Needham & Company LLC raised their price objective on shares of Annexon from $11.00 to $25.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. Wall Street Zen lowered Annexon from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Annexon in a research note on Friday, July 17th. Finally, Citigroup assumed coverage on Annexon in a report on Tuesday, July 21st. They issued a "market underperform" rating on the stock. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Annexon currently has an average rating of "Hold" and a consensus target price of $15.14.

Annexon Stock Performance

NASDAQ ANNX traded down $0.09 on Tuesday, hitting $4.86. 690,715 shares of the stock were exchanged, compared to its average volume of 2,914,353. The stock has a fifty day moving average price of $5.41 and a two-hundred day moving average price of $5.43. The firm has a market capitalization of $920.41 million, a P/E ratio of -4.19 and a beta of 1.18. Annexon has a 52-week low of $2.03 and a 52-week high of $7.18.

Annexon (NASDAQ:ANNX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.04). Sell-side analysts expect that Annexon will post -1.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Annexon

Several large investors have recently added to or reduced their stakes in ANNX. BlackRock Inc. purchased a new position in shares of Annexon during the second quarter worth approximately $77,312,000. Redmile Group LLC grew its stake in 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 in the last quarter. Adage Capital Partners GP L.L.C. increased its holdings in Annexon by 266.7% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 5,500,000 shares of the company's stock worth $27,610,000 after purchasing an additional 4,000,000 shares during the period. Siren L.L.C. purchased a new position in Annexon during the 1st quarter worth $21,931,000. Finally, Mak Capital One LLC purchased a new position in Annexon during the 4th quarter worth $14,852,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source