Palo Alto Investors LP Buys Shares of 2,948,090 Annexon, Inc. $ANNX

Key Points

• Palo Alto Investors LP acquired 2,948,090 Annexon shares in the second quarter, valued at approximately $16.8 million and representing 1.56% of the company.
• Annexon reported a quarterly loss of $0.28 per share, missing analyst expectations of a $0.24 loss. The stock recently traded at $4.97, well below the analyst consensus price target of $15.33.
• Analyst sentiment is mixed: five analysts rate the stock Buy, two Hold, and two Sell, resulting in a consensus Hold rating, while the company continues developing complement-targeted therapies including Phase 2 candidate ANX005.

Palo Alto Investors LP acquired a new position in shares of Annexon, Inc. (NASDAQ:ANNX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 2,948,090 shares of the company's stock, valued at approximately $16,833,594. Annexon comprises about 0.0% of Palo Alto Investors LP's investment portfolio, making the stock its 15th largest holding. Palo Alto Investors LP owned 1.56% of Annexon as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. CIBC Bancorp USA Inc. bought a new stake in shares of Annexon in the third quarter valued at approximately $31,000. Engineers Gate Manager LP purchased a new position in shares of Annexon in the 2nd quarter worth approximately $32,000. Landscape Capital Management L.L.C. purchased a new stake in Annexon in the fourth quarter valued at approximately $50,000. Mercer Global Advisors Inc. ADV purchased a new stake in Annexon in the fourth quarter worth $52,000. Finally, Russell Investments Group Ltd. purchased a new position in shares of Annexon during the 3rd quarter worth $56,000.

Annexon Price Performance

Annexon stock traded down $0.28 during midday trading on Friday, hitting $4.97. 1,617,732 shares of the stock were exchanged, compared to its average volume of 2,930,951. Annexon, Inc. has a 1 year low of $2.03 and a 1 year high of $7.18. The firm has a market cap of $942.21 million, a P/E ratio of -4.28 and a beta of 1.18. The company has a 50 day moving average price of $5.41 and a two-hundred day moving average price of $5.44.

Annexon (NASDAQ:ANNX - Get Free Report) last released its 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, analysts predict that Annexon, Inc. will post -1.01 EPS for the current year.

Wall Street Analysts Forecast Growth

ANNX has been the topic of several research analyst reports. The Goldman Sachs Group started coverage on Annexon in a report on Tuesday, May 12th. They issued a "neutral" rating and a $7.00 price objective on the stock. Wall Street Zen downgraded Annexon from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. Cantor Fitzgerald restated an "overweight" rating on shares of Annexon in a research note on Monday, July 13th. Needham & Company LLC upped their price target on Annexon from $11.00 to $25.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Annexon in a research report on Friday, July 17th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Annexon has a consensus rating of "Hold" and a consensus price target 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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source