Annexon (NASDAQ:ANNX) Issues Earnings Results, Misses Estimates By $0.05 EPS

Key Points

• Annexon missed second-quarter earnings estimates, reporting a loss of $0.28 per share versus the $0.23 consensus, while net loss increased to $55.3 million from $49.2 million year over year.
• Early tanruprubart data in Guillain-Barré syndrome showed rapid improvement in all 10 initial patients, with a U.S. BLA submission still targeted for the fourth quarter of 2026. Annexon also added a month-24 endpoint to its ARCHER II geographic atrophy trial, alongside the existing month-15 endpoint.
• The company secured access to up to $200 million in non-dilutive financing, including $50 million initially drawn, extending its cash runway into 2028 and supporting upcoming clinical and regulatory milestones.

Annexon (NASDAQ:ANNX - Get Free Report) issued its earnings results on Wednesday. The company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.05), FiscalAI reports.

Here are the key takeaways from Annexon's conference call:

• Tanruprubart showed rapid improvement in GBS patients: all 10 patients in the initial FORWARD cohort improved within four days, including recovery of walking ability in four bed-bound patients and ventilator weaning in one patient. Annexon plans to include the data in its U.S. BLA submission, still targeted for the fourth quarter of 2026.
• Annexon expanded the ARCHER II geographic atrophy trial to include an independent month-24 dual primary endpoint while maintaining the month-15 endpoint. Management said strong enrollment, patient retention, dosing compliance, and trial execution provide sufficient power for both time points.
• The month-15 ARCHER II assessment remains expected in the fourth quarter of 2026, but patient-level data will remain masked if the trial continues to month 24. A month-15 success could lead to sub-study results in the first quarter of 2027, while completion of the full month-24 analysis is expected in the third quarter of 2027.
• Annexon secured an Oxford Finance credit facility providing access to up to $200 million in non-dilutive capital, which management said extends its cash runway into 2028 and supports regulatory preparation and potential global commercialization.

Annexon Stock Performance

NASDAQ:ANNX traded up $0.01 during mid-day trading on Wednesday, hitting $5.35. 1,604,452 shares of the stock were exchanged, compared to its average volume of 2,937,160. The firm's 50-day simple moving average is $5.35 and its 200 day simple moving average is $5.54. The stock has a market capitalization of $876.56 million, a price-to-earnings ratio of -4.39 and a beta of 1.18. Annexon has a fifty-two week low of $2.03 and a fifty-two week high of $7.18.

Insider Buying and Selling

In other news, Director Muneer A. Satter acquired 613,497 shares of the firm's stock in a transaction on Thursday, May 28th. The shares were purchased at an average cost of $5.41 per share, with a total value of $3,319,018.77. Following the acquisition, the director directly owned 10,342,134 shares in the company, valued at $55,950,944.94. This represents a 6.31% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 10.31% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Annexon

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in Annexon by 8.7% during the third quarter. Vanguard Group Inc. now owns 5,835,112 shares of the company's stock worth $17,797,000 after acquiring an additional 469,073 shares during the period. Adage Capital Partners GP L.L.C. boosted its holdings in Annexon by 266.7% in the 4th 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 purchasing an additional 4,000,000 shares during the period. State Street Corp grew its position in shares of Annexon by 126.9% during the 4th quarter. State Street Corp now owns 4,652,185 shares of the company's stock worth $23,354,000 after purchasing an additional 2,601,877 shares in the last quarter. Balyasny Asset Management L.P. grew its position in shares of Annexon by 154.3% during the 4th quarter. Balyasny Asset Management L.P. now owns 3,299,256 shares of the company's stock worth $16,562,000 after purchasing an additional 2,001,996 shares in the last quarter. Finally, Mak Capital One LLC acquired a new position in shares of Annexon during the 4th quarter worth approximately $14,852,000.

Analyst Ratings Changes

ANNX has been the topic of several recent analyst reports. Citigroup began coverage on shares of Annexon in a research note on Tuesday, July 21st. They set a "market underperform" rating on the stock. Citizens Jmp started coverage on shares of Annexon in a research note on Tuesday, July 21st. They issued a "market underperform" rating and a $3.00 target price for the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Annexon in a report on Friday, July 17th. The Goldman Sachs Group started coverage on Annexon in a research report on Tuesday, May 12th. They set a "neutral" rating and a $7.00 price target on the stock. Finally, Wall Street Zen lowered Annexon from a "hold" rating to a "sell" rating in a research note on Sunday, July 12th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Annexon has an average rating of "Hold" and an average target price of $15.33.

Key Stories Impacting Annexon

Here are the key news stories impacting Annexon this week:

• Positive Sentiment: Annexon reported rapid improvements in strength and disability among the first 10 patients in its FORWARD study of tanruprubart for Guillain-Barré syndrome. The company expects to submit a Biologics License Application in the fourth quarter of 2026, creating a significant upcoming catalyst. Annexon Reports Second Quarter 2026 Financial Results, Business Updates and Key Anticipated Milestones
• Positive Sentiment: The company expanded its Phase 3 ARCHER II trial of vonaprument in geographic atrophy by adding a Month 24 endpoint alongside the existing Month 15 endpoint. This gives the program two independent opportunities to demonstrate vision-loss protection, with Month 15 results expected in the fourth quarter of 2026. Annexon also launched a long-term open-label extension study. Annexon Expands Vonaprument Phase 3 Program in Geographic Atrophy
• Positive Sentiment: Annexon secured access to a credit facility of up to $200 million, including $50 million drawn initially, extending its expected operating runway into 2028. This reduces near-term funding risk as the company approaches multiple clinical and regulatory milestones.
• Neutral Sentiment: Unusually heavy call-option activity—2,592 contracts, or 244% above average—suggested increased bullish positioning among options traders, though such activity does not guarantee sustained buying in the shares.
• Negative Sentiment: Second-quarter adjusted results came in at a loss of $0.28 per share, missing the $0.23 consensus estimate. Net loss increased to $55.3 million from $49.2 million a year earlier, while research and development expenses rose to $46.6 million, underscoring Annexon’s continued cash burn and dependence on financing.

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.

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