BlackRock Inc. Takes $77.31 Million Position in Annexon, Inc. $ANNX

Key Points

• BlackRock acquired 13.54 million Annexon shares worth approximately $77.3 million, giving it an 8.26% stake. Several other institutional investors also initiated positions during the second quarter.
• Annexon reported a quarterly loss of $0.28 per share, missing the $0.24 consensus estimate. Analysts expect a full-year loss of approximately $1.01 per share.
• Analyst sentiment is mixed: the stock carries a consensus “Hold” rating with a $15.33 price target, while shares recently traded at $4.97 against a 52-week range of $2.03 to $7.18.

BlackRock Inc. purchased a new position in Annexon, Inc. (NASDAQ:ANNX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 13,539,744 shares of the company's stock, valued at approximately $77,312,000. BlackRock Inc. owned about 8.26% of Annexon at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in ANNX. Deutsche Bank AG purchased a new position in Annexon in the 2nd quarter worth $3,520,000. SCS Capital Management LLC acquired a new position in shares of Annexon in the second quarter valued at about $565,000. Bank of New York Mellon Corp purchased a new position in shares of Annexon in the second quarter worth about $2,863,000. State of Wyoming purchased a new position in shares of Annexon in the second quarter worth about $111,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Annexon during the second quarter worth about $596,000.

Annexon Stock Performance

Shares of ANNX stock opened at $4.97 on Monday. Annexon, Inc. has a fifty-two week low of $2.03 and a fifty-two week high of $7.18. The stock's fifty day moving average is $5.41 and its two-hundred day moving average is $5.43. The firm has a market capitalization of $942.21 million, a P/E ratio of -4.28 and a beta of 1.18.

Annexon (NASDAQ:ANNX - Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.04). On average, equities analysts forecast that Annexon, Inc. will post -1.01 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on ANNX shares. Wall Street Zen downgraded shares of Annexon from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. Citigroup started coverage on Annexon in a research note on Tuesday, July 21st. They set a "market underperform" rating for the company. Citizens Jmp raised Annexon from an "underperform" rating to a "market perform" rating in a report on Thursday, August 13th. HC Wainwright restated a "buy" rating and issued a $14.00 target price on shares of Annexon in a research note on Monday, July 20th. Finally, Needham & Company LLC lifted their price target on Annexon from $11.00 to $25.00 and gave the company a "buy" rating in a research report on Wednesday, July 15th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $15.33.

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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