Annexon (NASDAQ:ANNX) Upgraded at Zacks Research

Key Points

• Annexon has been upgraded from a "strong sell" to a "hold" rating by Zacks Research, signaling a potential change in investor sentiment.
• Equity analysts have mixed views on Annexon, with one firm lowering the price target from $16.00 to $11.00 while another maintained a buy rating with a price target of $14.00.
• After reporting earnings of ($0.34) per share, which exceeded expectations, Annexon's stock currently has a market cap of approximately $235.34 million and an average rating of "Moderate Buy" among analysts.

Annexon (NASDAQ:ANNX - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a note issued to investors on Monday, August 18th,Zacks.com reports.

A number of other research analysts have also weighed in on ANNX. HC Wainwright reissued a "buy" rating and set a $14.00 price target on shares of Annexon in a research report on Friday, August 15th. Needham & Company LLC decreased their price objective on shares of Annexon from $16.00 to $11.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $12.50.

Annexon Stock Performance

Shares of Annexon stock traded down $0.0750 during trading hours on Monday, reaching $2.2350. The company's stock had a trading volume of 464,751 shares, compared to its average volume of 1,548,762. The stock's fifty day simple moving average is $2.47 and its two-hundred day simple moving average is $2.30. Annexon has a one year low of $1.28 and a one year high of $7.85. The company has a market capitalization of $245.60 million, a P/E ratio of -1.73 and a beta of 1.30.

Annexon (NASDAQ:ANNX - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.34) earnings per share for the quarter, beating analysts' consensus estimates of ($0.36) by $0.02. As a group, research analysts forecast that Annexon will post -0.96 earnings per share for the current year.

Hedge Funds Weigh In On Annexon

Several large investors have recently modified their holdings of ANNX. Sphera Funds Management LTD. purchased a new position in shares of Annexon in the fourth quarter worth about $6,377,000. Ameriprise Financial Inc. increased its stake in shares of Annexon by 483.6% in the fourth quarter. Ameriprise Financial Inc. now owns 926,642 shares of the company's stock worth $4,754,000 after purchasing an additional 767,869 shares in the last quarter. Sio Capital Management LLC increased its stake in shares of Annexon by 20.5% in the second quarter. Sio Capital Management LLC now owns 4,095,764 shares of the company's stock worth $9,830,000 after purchasing an additional 697,978 shares in the last quarter. TFG Asset Management GP Ltd increased its stake in shares of Annexon by 78.5% in the fourth quarter. TFG Asset Management GP Ltd now owns 1,400,000 shares of the company's stock worth $7,182,000 after purchasing an additional 615,645 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Annexon by 39.9% in the second quarter. Bank of America Corp DE now owns 1,452,795 shares of the company's stock worth $3,487,000 after purchasing an additional 414,071 shares in the last quarter.

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.