Annexon, Inc. (NASDAQ:ANNX) Receives Consensus Rating of "Hold" from Analysts

Key Points

• Annexon has a consensus “Hold” rating from nine analysts, with five buy, two hold, and two sell recommendations. The average 12-month price target is $15.33.
• Director Muneer A. Satter purchased 613,497 shares for approximately $3.32 million, while insiders own 10.31% of the company; major institutional investors also increased or initiated positions.
• Annexon shares recently traded at $4.90, within a 12-month range of $2.03 to $7.18. The company reported a quarterly loss of $0.28 per share, missing estimates of a $0.24 loss.

Annexon, Inc. (NASDAQ:ANNX - Get Free Report) has received a consensus recommendation of "Hold" from the nine research firms that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $15.3333.

Several equities analysts have issued reports on ANNX shares. Citigroup began coverage on Annexon in a research note on Tuesday, July 21st. They issued a "market underperform" rating on the stock. Needham & Company LLC raised their price target on shares of Annexon from $11.00 to $25.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Annexon in a research note on Monday, July 13th. The Goldman Sachs Group initiated coverage on Annexon in a research report on Tuesday, May 12th. They set a "neutral" rating and a $7.00 target price on the stock. Finally, Citizens Jmp raised Annexon from an "underperform" rating to a "market perform" rating in a report on Thursday, August 13th.

Insider Activity

In related news, Director Muneer A. Satter acquired 613,497 shares of the stock in a transaction dated Thursday, May 28th. The stock was acquired at an average cost of $5.41 per share, for a total transaction of $3,319,018.77. Following the completion of the purchase, the director owned 10,342,134 shares of the company's stock, valued at approximately $55,950,944.94. This represents a 6.31% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 10.31% of the company's stock.

Institutional Investors Weigh In On Annexon

A number of institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new position in Annexon during the 2nd quarter worth approximately $77,312,000. Redmile Group LLC boosted its holdings in shares of Annexon by 44.8% in the 1st quarter. Redmile Group LLC now owns 14,549,768 shares of the company's stock valued at $80,606,000 after acquiring an additional 4,499,124 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its stake in shares of 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 worth $27,610,000 after acquiring an additional 4,000,000 shares during the period. Siren L.L.C. purchased a new position in shares of Annexon during the first quarter worth $21,931,000. Finally, Mak Capital One LLC acquired a new position in Annexon during the fourth quarter valued at $14,852,000.

Annexon Stock Performance

NASDAQ:ANNX traded down $0.17 during trading hours on Monday, reaching $4.90. The company's stock had a trading volume of 612,562 shares, compared to its average volume of 2,923,579. The stock has a 50 day moving average price of $5.38 and a two-hundred day moving average price of $5.46. The company has a market capitalization of $928.18 million, a P/E ratio of -4.22 and a beta of 1.18. Annexon has a 12 month low of $2.03 and a 12 month high of $7.18.

Annexon (NASDAQ:ANNX - Get Free Report) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.04). As a group, analysts predict that Annexon will post -1.01 EPS 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.

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