Annexon (NASDAQ:ANNX) Posts Earnings Results, Beats Expectations 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) released its quarterly earnings results on Thursday. The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.36) by $0.02, Zacks reports.

Annexon Trading Down 3.6%

ANNX traded down $0.09 during midday trading on Tuesday, reaching $2.27. The company's stock had a trading volume of 470,768 shares, compared to its average volume of 1,550,558. The firm has a market capitalization of $248.49 million, a price-to-earnings ratio of -1.76 and a beta of 1.30. Annexon has a 1 year low of $1.28 and a 1 year high of $7.85. The stock's 50-day moving average is $2.50 and its 200-day moving average is $2.34.

Institutional Investors Weigh In On Annexon

A number of hedge funds and other institutional investors have recently bought and sold shares of ANNX. Engineers Gate Manager LP purchased a new stake in Annexon in the second quarter worth about $32,000. Marshall Wace LLP purchased a new stake in Annexon in the second quarter worth about $72,000. AQR Capital Management LLC grew its holdings in Annexon by 122.6% in the first quarter. AQR Capital Management LLC now owns 73,790 shares of the company's stock worth $142,000 after purchasing an additional 40,637 shares during the period. Jane Street Group LLC grew its holdings in Annexon by 8.2% in the first quarter. Jane Street Group LLC now owns 99,924 shares of the company's stock worth $193,000 after purchasing an additional 7,553 shares during the period. Finally, Bridgeway Capital Management LLC purchased a new stake in Annexon in the second quarter worth about $235,000.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. HC Wainwright reissued a "buy" rating and issued a $14.00 price target on shares of Annexon in a research note on Friday. Needham & Company LLC decreased their price target on shares of Annexon from $16.00 to $11.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th.

Annexon Company Profile

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.