Annexon (NASDAQ:ANNX) Stock Price Up 8.8% - Time to Buy?

Key Points

• Annexon, Inc. (NASDAQ:ANNX) stock rose by 8.8%, reaching a high of $2.74 during Wednesday's trading session.
• Recent analyst reports projected a decrease in price targets for Annexon, with HC Wainwright lowering its target from $20.00 to $14.00.
• The company's quarterly earnings showed a disappointing loss of ($0.37) per share, underperforming against the expected consensus of ($0.30).

Annexon, Inc. (NASDAQ:ANNX - Get Free Report)'s stock price traded up 8.8% during trading on Wednesday . The stock traded as high as $2.74 and last traded at $2.59. 1,571,074 shares changed hands during trading, a decline of 15% from the average session volume of 1,847,518 shares. The stock had previously closed at $2.38.

Analyst Ratings Changes

A number of brokerages have weighed in on ANNX. HC Wainwright reduced their price target on shares of Annexon from $20.00 to $14.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Needham & Company LLC reduced their target price on shares of Annexon from $16.00 to $11.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th.

Annexon Trading Up 2.1%

The company has a market cap of $268.79 million, a price-to-earnings ratio of -2.08 and a beta of 1.30. The company has a fifty day moving average price of $2.47 and a two-hundred day moving average price of $2.48.

Annexon (NASDAQ:ANNX - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.37) earnings per share for the quarter, missing analysts' consensus estimates of ($0.30) by ($0.07). Sell-side analysts anticipate that Annexon, Inc. will post -0.96 EPS for the current fiscal year.

Institutional Trading of Annexon

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ANNX. Sphera Funds Management LTD. acquired a new stake in shares of Annexon in the fourth quarter valued at $6,377,000. Ameriprise Financial Inc. raised 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 acquiring an additional 767,869 shares during the last quarter. TFG Asset Management GP Ltd lifted its position in shares of Annexon by 78.5% during 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. Vanguard Group Inc. grew its stake in shares of Annexon by 11.6% during the fourth quarter. Vanguard Group Inc. now owns 5,546,918 shares of the company's stock valued at $28,456,000 after purchasing an additional 576,625 shares during the last quarter. Finally, Nuveen LLC bought a new position in Annexon in the 1st quarter worth approximately $670,000.

Annexon Company Profile

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.