Annexon (NASDAQ:ANNX) Posts Earnings Results, Beats Estimates By $0.02 EPS

Key Points

• Annexon reported earnings of ($0.34) per share for the quarter, beating the consensus estimate of ($0.36) by $0.02.
• The company has seen significant institutional investment activity, with firms like Invesco Ltd. and AQR Capital Management LLC increasing their stakes in Annexon.
• Brokerages have recently revised their price targets for Annexon, with Needham & Company lowering its target from $16.00 to $11.00 while maintaining a "buy" rating.

Annexon (NASDAQ:ANNX - Get Free Report) announced its earnings results on Thursday. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.02, Zacks reports.

Annexon Stock Performance

Shares of NASDAQ:ANNX traded down $0.22 during trading on Thursday, reaching $2.38. The stock had a trading volume of 1,283,881 shares, compared to its average volume of 1,549,020. The business has a fifty day moving average price of $2.51 and a 200-day moving average price of $2.40. The stock has a market cap of $261.11 million, a PE ratio of -2.02 and a beta of 1.30. Annexon has a 1-year low of $1.28 and a 1-year high of $7.85.

Institutional Trading of Annexon

A number of institutional investors have recently made changes to their positions in the company. Marshall Wace LLP acquired a new position in Annexon during the second quarter worth $72,000. AQR Capital Management LLC lifted its stake in shares of Annexon by 122.6% in the 1st quarter. AQR Capital Management LLC now owns 73,790 shares of the company's stock valued at $142,000 after purchasing an additional 40,637 shares during the last quarter. Jane Street Group LLC lifted its stake in shares of Annexon by 8.2% in the 1st quarter. Jane Street Group LLC now owns 99,924 shares of the company's stock valued at $193,000 after purchasing an additional 7,553 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Annexon by 64.6% in the 2nd quarter. Invesco Ltd. now owns 150,414 shares of the company's stock valued at $361,000 after purchasing an additional 59,005 shares during the last quarter. Finally, Acadian Asset Management LLC raised its holdings in shares of Annexon by 31.1% in the 1st quarter. Acadian Asset Management LLC now owns 203,990 shares of the company's stock valued at $393,000 after buying an additional 48,345 shares during the period.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ANNX. Needham & Company LLC decreased their price objective on Annexon from $16.00 to $11.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. HC Wainwright cut their price objective on Annexon from $20.00 to $14.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th.

About Annexon

Annexon, Inc, a clinical-stage biopharmaceutical company, discovers and develops medicines for treating inflammatory-related diseases. Its lead candidate is ANX005, an investigational full-length monoclonal antibody, which is in Phase 3 clinical trial for the treatment of patients with guillain-barré syndrome; completed Phase II clinical trial for treating Huntington's disease; and in Phase II clinical trial for the treatment of amyotrophic lateral sclerosis.

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