Opaleye Management Inc. Decreases Position in Annexon, Inc. $ANNX

Key Points

• Opaleye Management cut its Annexon stake by 26.5% in the second quarter, selling 617,310 shares and retaining 1.71 million shares worth approximately $9.79 million.
• Institutional sentiment was mixed: BlackRock and several other funds initiated or expanded positions, while analysts remain divided. Annexon has a consensus “Hold” rating and an average price target of $15.14.
• ANNX opened at $4.14, well below its 50-day and 200-day moving averages. The clinical-stage biotech also reported a quarterly loss of $0.28 per share, missing estimates by $0.04.

Opaleye Management Inc. trimmed its holdings in shares of Annexon, Inc. (NASDAQ:ANNX - Free Report) by 26.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,714,451 shares of the company's stock after selling 617,310 shares during the quarter. Annexon accounts for about 0.9% of Opaleye Management Inc.'s portfolio, making the stock its 28th largest position. Opaleye Management Inc. owned approximately 0.90% of Annexon worth $9,790,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in ANNX. BlackRock Inc. acquired a new position in shares of Annexon during the second quarter valued at about $77,312,000. Redmile Group LLC boosted its stake in Annexon by 44.8% in the 1st quarter. Redmile Group LLC now owns 14,549,768 shares of the company's stock worth $80,606,000 after purchasing an additional 4,499,124 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its position in Annexon by 266.7% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 5,500,000 shares of the company's stock worth $27,610,000 after purchasing an additional 4,000,000 shares during the last quarter. Siren L.L.C. acquired a new position in Annexon during the 1st quarter valued at approximately $21,931,000. Finally, Mak Capital One LLC acquired a new position in Annexon in the 4th quarter worth approximately $14,852,000.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Annexon in a report on Monday, July 13th. Citizens Jmp raised shares of Annexon from an "underperform" rating to a "market perform" rating in a report on Thursday, August 13th. Wall Street Zen downgraded shares of Annexon from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. HC Wainwright reaffirmed a "buy" rating and issued a $14.00 price target on shares of Annexon in a report on Monday, July 20th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Annexon in a research note on Friday, July 17th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Annexon presently has a consensus rating of "Hold" and an average target price of $15.14.

Annexon Price Performance

ANNX opened at $4.14 on Friday. The firm has a fifty day moving average price of $5.29 and a 200 day moving average price of $5.41. Annexon, Inc. has a 1 year low of $2.27 and a 1 year high of $7.18. The stock has a market cap of $784.86 million, a P/E ratio of -3.57 and a beta of 1.21.

Annexon (NASDAQ:ANNX - Get Free Report) last released 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). Equities analysts expect that Annexon, Inc. will post -1.04 EPS for the current year.

Annexon Company 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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