Annexon, Inc. (NASDAQ:ANNX) Receives Average Recommendation of "Hold" from Analysts

Key Points

• Analyst sentiment is mixed: Ten analysts give Annexon an average “Hold” rating, with five buys, two holds, and three sells. The average 12-month price target is $15.33, compared with the stock’s recent price of $5.07.
• Insiders increased their holdings: Directors William H. Carson and Muneer A. Satter purchased shares worth approximately $46,240 and $3.32 million, respectively. Company insiders now own 10.31% of Annexon.
• Annexon shares rose 4.2% to $5.07, while the company reported a quarterly loss of $0.23 per share—better than the consensus estimate of a $0.30 loss. The clinical-stage biotech is developing complement-targeted therapies, including Phase 2 candidate ANX005.

Shares of Annexon, Inc. (NASDAQ:ANNX - Get Free Report) have been assigned an average recommendation of "Hold" from the ten analysts that are presently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $15.3333.

Several equities research analysts recently issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Annexon in a research report on Tuesday, May 12th. They set a "neutral" rating and a $7.00 price objective for the company. Citizens Jmp assumed coverage on shares of Annexon in a research report on Tuesday, July 21st. They set a "market underperform" rating and a $3.00 price target for the company. Wall Street Zen cut shares of Annexon from a "hold" rating to a "sell" rating in a research report on Sunday, July 12th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Annexon in a report on Friday, July 17th. Finally, Citigroup started coverage on Annexon in a research note on Tuesday, July 21st. They set a "market underperform" rating on the stock.

Insider Transactions at Annexon

In other Annexon news, Director William H. Carson acquired 8,000 shares of the company's stock in a transaction that occurred on Monday, May 11th. The stock was purchased at an average price of $5.78 per share, for a total transaction of $46,240.00. Following the completion of the acquisition, the director owned 78,405 shares of the company's stock, valued at approximately $453,180.90. This trade represents a 11.36% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Muneer A. Satter bought 613,497 shares of Annexon stock in a transaction on Thursday, May 28th. The shares were acquired at an average price of $5.41 per share, for a total transaction of $3,319,018.77. Following the completion of the acquisition, the director owned 10,342,134 shares in the company, valued at $55,950,944.94. This 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 Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ANNX. CIBC Bancorp USA Inc. purchased a new position in Annexon in the third quarter valued at $31,000. Engineers Gate Manager LP acquired a new stake in shares of Annexon during the 2nd quarter worth about $32,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Annexon by 65.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,033 shares of the company's stock worth $35,000 after purchasing an additional 2,785 shares during the last quarter. Landscape Capital Management L.L.C. purchased a new stake in Annexon during the fourth quarter worth approximately $50,000. Finally, Mercer Global Advisors Inc. ADV acquired a new position in Annexon in the fourth quarter valued at approximately $52,000.

Annexon Stock Up 4.2%

Shares of ANNX stock traded up $0.20 during trading hours on Thursday, hitting $5.07. 345,232 shares of the company's stock were exchanged, compared to its average volume of 2,969,336. Annexon has a fifty-two week low of $2.03 and a fifty-two week high of $7.18. The firm has a market cap of $829.85 million, a P/E ratio of -4.16 and a beta of 1.16. The firm has a 50 day moving average of $5.36 and a two-hundred day moving average of $5.59.

Annexon (NASDAQ:ANNX - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.07. On average, equities analysts forecast that Annexon will post -0.92 earnings per share for the current fiscal 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.

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