Annexon (NASDAQ:ANNX) Rating Lowered to Strong Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Annexon to “strong sell” from “sell,” although broader analyst sentiment remains mixed: five analysts rate it a Buy, three Hold, and two Sell, with an average rating of Hold and a $15.33 consensus price target.
• Annexon shares opened at $5.29, near their 50-day and 200-day moving averages, while the company reported a quarterly loss of $0.28 per share—worse than the $0.24 consensus estimate.
• Director Muneer A. Satter purchased 613,497 shares for approximately $3.3 million, increasing his ownership by 6.31%; insiders collectively own 10.31% of the company.

Annexon (NASDAQ:ANNX - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a note issued to investors on Saturday.

Several other equities research analysts have also weighed in on ANNX. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Annexon in a report on Monday, July 13th. Needham & Company LLC boosted their price target on shares of Annexon from $11.00 to $25.00 and gave the company a "buy" rating in a research report on Wednesday, July 15th. The Goldman Sachs Group began coverage on shares of Annexon in a research report on Tuesday, May 12th. They issued a "neutral" rating and a $7.00 price target on the stock. Citizens Jmp raised shares of Annexon from an "underperform" rating to a "market perform" rating in a report on Thursday. Finally, HC Wainwright reiterated a "buy" rating and issued a $14.00 target price on shares of Annexon in a research note on Monday, July 20th. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $15.33.

Annexon Stock Performance

NASDAQ:ANNX opened at $5.29 on Friday. The firm's 50-day moving average is $5.35 and its 200-day moving average is $5.51. Annexon has a 52-week low of $2.03 and a 52-week high of $7.18. The company has a market cap of $1.00 billion, a price-to-earnings ratio of -4.56 and a beta of 1.18.

Annexon (NASDAQ:ANNX - Get Free Report) last issued its earnings results on Wednesday, August 12th. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.04). Equities analysts predict that Annexon will post -0.93 EPS for the current year.

Insider Transactions at Annexon

In other Annexon news, Director Muneer A. Satter bought 613,497 shares of the firm's stock in a transaction that occurred on Thursday, May 28th. The stock was acquired at an average price of $5.41 per share, with a total value of $3,319,018.77. Following the completion of the transaction, the director owned 10,342,134 shares in the company, valued at approximately $55,950,944.94. This trade represents a 6.31% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 10.31% of the company's stock.

Institutional Trading of Annexon

Several hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Annexon by 65.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,033 shares of the company's stock worth $35,000 after purchasing an additional 2,785 shares in the last quarter. Susquehanna Portfolio Strategies LLC lifted its stake in shares of Annexon by 0.8% in the 4th quarter. Susquehanna Portfolio Strategies LLC now owns 356,619 shares of the company's stock valued at $1,790,000 after acquiring an additional 2,875 shares during the last quarter. ProShare Advisors LLC boosted its stake in shares of Annexon by 21.7% during the fourth quarter. ProShare Advisors LLC now owns 24,698 shares of the company's stock valued at $124,000 after purchasing an additional 4,410 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Annexon by 3.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 134,786 shares of the company's stock valued at $747,000 after acquiring an additional 4,684 shares during the period. Finally, Comerica Bank increased its holdings in Annexon by 26.4% in the third quarter. Comerica Bank now owns 32,357 shares of the company's stock valued at $99,000 after purchasing an additional 6,750 shares during the period.

Annexon Company Profile

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.

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