Annexon (NASDAQ:ANNX) Shares Gap Up After Analyst Upgrade

Key Points

• Annexon shares gapped up after Needham & Company LLC raised its price target from $11 to $25 and reiterated a buy rating. The stock opened higher at $5.87 after closing at $5.55, though it later traded around $5.58.
• Other analysts have been mixed on the name, but the overall view remains Moderate Buy with a consensus price target of $17.80. Recent commentary included upgrades, a neutral initiation from Goldman Sachs, and a few sell ratings.
• Insider buying has been notable, including Director Muneer A. Satter’s purchase of 613,497 shares and Director William H. Carson’s purchase of 8,000 shares. Annexon also recently beat quarterly earnings expectations, reporting a loss of $0.23 per share versus the expected $0.30 loss.

Annexon, Inc. (NASDAQ:ANNX - Get Free Report)'s stock price gapped up prior to trading on Wednesday after Needham & Company LLC raised their price target on the stock from $11.00 to $25.00. The stock had previously closed at $5.55, but opened at $5.87. Needham & Company LLC currently has a buy rating on the stock. Annexon shares last traded at $5.5770, with a volume of 265,260 shares traded.

Several other research firms also recently issued reports on ANNX. Cantor Fitzgerald reiterated an "overweight" rating on shares of Annexon in a research note on Monday. Weiss Ratings reissued a "sell (d-)" rating on shares of Annexon in a research note on Monday, April 20th. The Goldman Sachs Group began coverage on Annexon in a report on Tuesday, May 12th. They issued a "neutral" rating and a $7.00 target price for the company. Chardan Capital reaffirmed a "buy" rating and set a $16.00 target price on shares of Annexon in a research report on Friday, March 20th. Finally, Wall Street Zen downgraded Annexon from a "hold" rating to a "sell" rating in a report on Sunday. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.80.

Insider Transactions at Annexon

In other Annexon news, Director Muneer A. Satter purchased 613,497 shares of the company's stock in a transaction on Thursday, May 28th. The shares were bought at an average cost of $5.41 per share, with a total value of $3,319,018.77. Following the transaction, the director directly owned 10,342,134 shares in the company, valued at approximately $55,950,944.94. This represents a 6.31% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director William H. Carson purchased 8,000 shares of the company's stock in a transaction on Monday, May 11th. The stock was acquired at an average cost of $5.78 per share, for a total transaction of $46,240.00. Following the completion of the transaction, the director owned 78,405 shares in the company, valued at approximately $453,180.90. This trade represents a 11.36% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 10.31% of the company's stock.

Institutional Investors Weigh In On Annexon

Several hedge funds and other institutional investors have recently modified their holdings of ANNX. CIBC Bancorp USA Inc. bought a new stake in Annexon in the 3rd quarter valued at $31,000. Engineers Gate Manager LP bought a new position in shares of Annexon during the 2nd quarter worth about $32,000. Mirae Asset Global Investments Co. Ltd. increased 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 during the period. Landscape Capital Management L.L.C. bought a new position in shares of Annexon during the 4th quarter worth about $50,000. Finally, Mercer Global Advisors Inc. ADV acquired a new position in shares of Annexon during the fourth quarter valued at about $52,000.

Annexon Stock Up 0.1%

The stock's 50-day moving average price is $5.35 and its 200 day moving average price is $5.56. The firm has a market cap of $910.62 million, a price-to-earnings ratio of -4.56 and a beta of 1.16.

Annexon (NASDAQ:ANNX - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($0.23) earnings per share for the quarter, topping analysts' consensus estimates of ($0.30) by $0.07. On average, research analysts predict that Annexon, Inc. will post -0.92 EPS for the current year.

About Annexon

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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