Annexon (NASDAQ:ANNX) Shares Down 6.1% - Here's Why

Key Points

• Shares fell 6.1% to about $5.77 on Friday with roughly 799,310 shares traded — roughly a 70% drop from average daily volume, leaving a market cap near $953 million.
• Analysts remain mostly positive: the consensus rating is a “Moderate Buy” (five Buys, one Hold, one Sell) with a consensus price target of $17, well above the current share price.
• Company and insider highlights: Annexon posted an EPS beat for the quarter ($-0.28 vs. -$0.32 expected) but faces a full-year loss estimate (~-$0.96); insiders have been active (an EVP sold shares while a director bought shares) and institutions like BVF have materially increased holdings.

Annexon, Inc. (NASDAQ:ANNX - Get Free Report)'s stock price was down 6.1% on Friday . The stock traded as low as $5.82 and last traded at $5.7650. Approximately 799,310 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 2,644,675 shares. The stock had previously closed at $6.14.

Analyst Ratings Changes

Several analysts recently weighed in on ANNX shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Annexon in a research note on Wednesday, January 21st. Cantor Fitzgerald reiterated an "overweight" rating on shares of Annexon in a research report on Wednesday, January 14th. Finally, Chardan Capital reiterated a "buy" rating and issued a $16.00 target price on shares of Annexon in a research report on Friday, March 20th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.00.

Annexon Price Performance

The stock has a market capitalization of $952.71 million, a P/E ratio of -4.36 and a beta of 1.14. The firm has a 50-day simple moving average of $5.48 and a 200 day simple moving average of $4.69.

Annexon (NASDAQ:ANNX - Get Free Report) last issued its quarterly earnings data on Monday, March 30th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.32) by $0.04. Sell-side analysts anticipate that Annexon, Inc. will post -0.96 earnings per share for the current fiscal year.

Insider Activity at Annexon

In other news, EVP Dean Richard Artis sold 5,290 shares of the firm's stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $5.10, for a total transaction of $26,979.00. Following the completion of the transaction, the executive vice president directly owned 123,487 shares in the company, valued at $629,783.70. This trade represents a 4.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Carson bought 8,000 shares of the stock in a transaction on Tuesday, March 10th. The stock was acquired at an average price of $5.67 per share, with a total value of $45,360.00. Following the completion of the acquisition, the director owned 62,405 shares of the company's stock, valued at $353,836.35. This represents a 14.70% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold 32,513 shares of company stock valued at $165,973 over the last ninety days. Insiders own 11.87% of the company's stock.

Institutional Investors Weigh In On Annexon

Hedge funds have recently added to or reduced their stakes in the company. Rhenman & Partners Asset Management AB boosted its position in shares of Annexon by 78.9% during the third quarter. Rhenman & Partners Asset Management AB now owns 823,000 shares of the company's stock valued at $2,510,000 after buying an additional 363,000 shares during the last quarter. TFG Asset Management GP Ltd lifted its holdings in Annexon by 6.0% during the second quarter. TFG Asset Management GP Ltd now owns 2,810,000 shares of the company's stock worth $6,744,000 after acquiring an additional 160,000 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in Annexon during the fourth quarter worth $96,000. BVF Inc. IL lifted its holdings in Annexon by 30.4% during the fourth quarter. BVF Inc. IL now owns 9,128,080 shares of the company's stock worth $45,823,000 after acquiring an additional 2,128,080 shares during the period. Finally, Ishara Investments LP bought a new stake in Annexon during the fourth quarter worth $3,765,000.

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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