Annexon (NASDAQ:ANNX) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Annexon from a “sell” to a “hold” rating, while the broader analyst view remains cautiously positive with an average rating of “Moderate Buy” and a $17.00 price target.
• Annexon shares were up 3.1% and last traded around $5.69, giving the biotech company a market cap of about $924.68 million.
• The company recently reported quarterly EPS of ($0.23), beating expectations of ($0.30) by $0.07, while insider selling and small institutional buying activity were also highlighted.

Annexon (NASDAQ:ANNX - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday.

A number of other equities research analysts have also weighed in on ANNX. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Annexon in a research note on Monday, April 20th. Chardan Capital reaffirmed a "buy" rating and set a $16.00 target price on shares of Annexon in a research note on Friday, March 20th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Annexon in a research note on Wednesday, January 14th. 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 data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $17.00.

Annexon Stock Up 3.1%

Shares of Annexon stock opened at $5.69 on Friday. The firm has a market cap of $924.68 million, a PE ratio of -4.66 and a beta of 1.22. Annexon has a 12-month low of $1.60 and a 12-month high of $7.18. The company's fifty day simple moving average is $5.69 and its two-hundred day simple moving average is $5.08.

Annexon (NASDAQ:ANNX - Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.30) by $0.07. As a group, sell-side analysts expect that Annexon will post -1.13 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Ted Yednock sold 7,857 shares of Annexon stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $5.11, for a total transaction of $40,149.27. Following the completion of the transaction, the executive vice president directly owned 97,227 shares of the company's stock, valued at $496,829.97. This trade represents a 7.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Michael Overdorf sold 6,225 shares of Annexon stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $5.10, for a total transaction of $31,747.50. Following the transaction, the executive vice president directly owned 124,464 shares of the company's stock, valued at approximately $634,766.40. This trade represents a 4.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 32,513 shares of company stock worth $165,973. 11.87% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ANNX. CIBC Bancorp USA Inc. purchased a new position in Annexon during the 3rd quarter valued at about $31,000. Engineers Gate Manager LP purchased a new position in Annexon during the 2nd quarter valued at about $32,000. SG Americas Securities LLC purchased a new position in Annexon during the 3rd quarter valued at about $34,000. Mirae Asset Global Investments Co. Ltd. lifted its position in Annexon by 65.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,033 shares of the company's stock valued at $35,000 after acquiring an additional 2,785 shares during the period. Finally, Savant Capital LLC purchased a new position in Annexon during the 3rd quarter valued at about $40,000.

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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