Bank of New York Mellon Corp Purchases New Holdings in Annexon, Inc. $ANNX

Key Points

• Bank of New York Mellon purchased 501,442 Annexon shares worth approximately $2.86 million, representing about 0.31% of the company. Several other institutional investors also increased their holdings.
• Annexon shares opened at $4.87, below their 50-day and 200-day moving averages, and remain well below the 12-month high of $7.18. The company reported a quarterly loss of $0.28 per share, missing estimates by $0.04.
• Analyst sentiment is mixed: six analysts rate the stock a Buy, two a Hold, and two a Sell. The consensus rating is Hold, with an average price target of $15.14.

Bank of New York Mellon Corp purchased a new position in shares of Annexon, Inc. (NASDAQ:ANNX - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 501,442 shares of the company's stock, valued at approximately $2,863,000. Bank of New York Mellon Corp owned approximately 0.31% of Annexon at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. AQR Capital Management LLC boosted its position in Annexon by 122.6% during the 1st quarter. AQR Capital Management LLC now owns 73,790 shares of the company's stock worth $142,000 after buying an additional 40,637 shares during the period. Jane Street Group LLC boosted its position in Annexon by 8.2% during the first quarter. Jane Street Group LLC now owns 99,924 shares of the company's stock valued at $193,000 after acquiring an additional 7,553 shares during the last quarter. Acadian Asset Management LLC boosted its position in shares of Annexon by 31.1% during the 1st quarter. Acadian Asset Management LLC now owns 203,990 shares of the company's stock valued at $393,000 after purchasing an additional 48,345 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Annexon by 1.8% in the 2nd quarter. Geode Capital Management LLC now owns 2,284,773 shares of the company's stock valued at $5,484,000 after acquiring an additional 39,763 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in Annexon by 6.6% in the second quarter. American Century Companies Inc. now owns 211,195 shares of the company's stock valued at $507,000 after purchasing an additional 13,001 shares in the last quarter.

Annexon Stock Performance

NASDAQ:ANNX opened at $4.87 on Monday. The company has a 50-day moving average price of $5.38 and a 200-day moving average price of $5.43. The stock has a market cap of $923.25 million, a price-to-earnings ratio of -4.20 and a beta of 1.21. Annexon, Inc. has a 12 month low of $2.10 and a 12 month 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 (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Equities analysts forecast that Annexon, Inc. will post -1.04 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ANNX shares. Needham & Company LLC increased their target price on shares of Annexon from $11.00 to $25.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. HC Wainwright reaffirmed a "buy" rating and set a $14.00 price target on shares of Annexon in a research report on Monday, July 20th. Citigroup started coverage on Annexon in a research report on Tuesday, July 21st. They set a "market underperform" rating on the stock. The Goldman Sachs Group started coverage on shares of Annexon in a report on Tuesday, May 12th. They set a "neutral" rating and a $7.00 target price on the stock. Finally, Wall Street Zen lowered Annexon from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 15th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Annexon presently has a consensus rating of "Hold" and an average target price of $15.14.

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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