Bank of America Corp DE Has $23.60 Million Stock Holdings in Annexon, Inc. $ANNX

Key Points

• Bank of America increased its Annexon stake by 165.3% in the first quarter, holding 4.26 million shares valued at approximately $23.6 million, or 2.6% of the company.
• Director Muneer A. Satter purchased 613,497 shares for about $3.3 million, increasing his position by 6.31%; insiders now own 10.31% of Annexon.
• Annexon recently missed quarterly earnings expectations, reporting a loss of $0.28 per share versus the $0.24 consensus estimate. Analyst views remain mixed, with an overall “Hold” rating and an average price target of $15.33.

Bank of America Corp DE raised its stake in Annexon, Inc. (NASDAQ:ANNX - Free Report) by 165.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,259,995 shares of the company's stock after purchasing an additional 2,654,414 shares during the period. Bank of America Corp DE owned 2.60% of Annexon worth $23,600,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in ANNX. CIBC Bancorp USA Inc. bought a new position in Annexon in the third quarter worth approximately $31,000. Engineers Gate Manager LP bought a new stake in shares of Annexon during the second quarter valued at approximately $32,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Annexon by 65.6% during the fourth 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. acquired a new position in shares of Annexon during the fourth quarter worth approximately $50,000. Finally, Mercer Global Advisors Inc. ADV bought a new position in shares of Annexon in the 4th quarter worth $52,000.

Insider Buying and Selling at Annexon

In other news, Director Muneer A. Satter acquired 613,497 shares of the firm's stock in a transaction that occurred on Thursday, May 28th. The stock was bought at an average price of $5.41 per share, with a total value of $3,319,018.77. Following the acquisition, the director owned 10,342,134 shares in the company, valued at $55,950,944.94. The trade was a 6.31% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 10.31% of the company's stock.

Annexon Trading Down 3.0%

Shares of ANNX opened at $5.13 on Tuesday. The company has a market capitalization of $972.55 million, a price-to-earnings ratio of -4.42 and a beta of 1.18. Annexon, Inc. has a 12 month low of $2.03 and a 12 month high of $7.18. The stock has a 50 day moving average of $5.35 and a 200 day moving average of $5.49.

Annexon (NASDAQ:ANNX - Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.04). As a group, equities research analysts predict that Annexon, Inc. will post -1 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have commented on ANNX shares. Citigroup assumed coverage on shares of Annexon in a research note on Tuesday, July 21st. They set a "market underperform" rating for the company. Needham & Company LLC raised their price objective on shares of Annexon from $11.00 to $25.00 and gave the company a "buy" rating in a research note on Wednesday, July 15th. Citizens Jmp upgraded shares of Annexon from an "underperform" rating to a "market perform" rating in a report on Thursday, August 13th. HC Wainwright reissued a "buy" rating and set a $14.00 target price on shares of Annexon in a research report on Monday, July 20th. Finally, The Goldman Sachs Group started coverage on shares of Annexon in a report on Tuesday, May 12th. They issued a "neutral" rating and a $7.00 target price on the stock. Five investment 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. According to data from MarketBeat, Annexon presently has an average rating of "Hold" and an average target price of $15.33.

Annexon 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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