Bank of America Corp DE Buys New Shares in Annexon, Inc. $ANNX

Key Points

• Bank of America acquired 614,186 Annexon shares in the second quarter, valued at approximately $3.5 million and representing a 0.32% stake. Several other institutional investors also increased or initiated positions.
• Annexon’s stock opened at $4.13, below its 50-day and 200-day moving averages, while the company reported a quarterly loss of $0.28 per share—worse than the $0.24 analyst consensus.
• Analyst views remain mixed, with six Buy, two Hold, and two Sell ratings and an average target price of $15.14. CEO Douglas Love also purchased 26,065 shares, increasing his position by 7.15%.

Bank of America Corp DE bought a new stake in Annexon, Inc. (NASDAQ:ANNX - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 614,186 shares of the company's stock, valued at approximately $3,507,000. Bank of America Corp DE owned 0.32% of Annexon as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. ProShare Advisors LLC increased its position in shares of Annexon by 21.7% in the fourth quarter. ProShare Advisors LLC now owns 24,698 shares of the company's stock valued at $124,000 after buying an additional 4,410 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Annexon by 3.6% during the first quarter. The Manufacturers Life Insurance Company now owns 134,786 shares of the company's stock worth $747,000 after acquiring an additional 4,684 shares during the last quarter. ADAR1 Capital Management LLC grew its position in shares of Annexon by 14.6% in the first quarter. ADAR1 Capital Management LLC now owns 55,000 shares of the company's stock valued at $305,000 after purchasing an additional 7,000 shares during the period. Abel Hall LLC acquired a new position in shares of Annexon during the 1st quarter valued at about $61,000. Finally, Forefront Analytics LLC purchased a new position in Annexon during the second quarter worth approximately $81,000.

Annexon Stock Performance

Annexon stock opened at $4.13 on Wednesday. The firm's 50 day moving average price is $4.81 and its two-hundred day moving average price is $5.28. The firm has a market cap of $782.97 million, a price-to-earnings ratio of -3.56 and a beta of 1.21. Annexon, Inc. has a 1 year low of $2.54 and a 1 year high of $7.18.

Annexon (NASDAQ:ANNX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.04). As a group, equities analysts predict that Annexon, Inc. will post -1.04 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Annexon in a research note on Monday, July 13th. Citigroup initiated coverage on Annexon in a research note on Tuesday, July 21st. They set a "market underperform" rating for the company. Wall Street Zen downgraded shares of Annexon from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. JPMorgan Chase & Co. lifted their price objective on shares of Annexon from $10.00 to $14.00 and gave the stock an "overweight" rating in a report on Tuesday, September 1st. Finally, Citizens Jmp upgraded Annexon from an "underperform" rating to a "market perform" rating in a research note on Thursday, August 13th. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $15.14.

Insider Activity at Annexon

In other news, CEO Douglas Love acquired 26,065 shares of the company's stock in a transaction that occurred on Thursday, September 24th. The shares were purchased at an average price of $3.83 per share, for a total transaction of $99,828.95. Following the completion of the acquisition, the chief executive officer owned 390,476 shares of the company's stock, valued at approximately $1,495,523.08. This represents a 7.15% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 10.31% of the company's stock.

Annexon Profile

Annexon, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for diseases driven by the classical complement pathway, an immune system mechanism that can contribute to inflammation and the destruction of healthy cells. The company's approach is designed to selectively inhibit complement activity while preserving other potentially beneficial immune functions.

Annexon's lead programs include ANX005, an investigational monoclonal antibody that targets C1q and is being evaluated in immune-mediated and neuroinflammatory conditions, including Guillain-Barré syndrome.

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