Renaissance Technologies LLC Sells 258,300 Shares of Annexon, Inc. $ANNX

Key Points

• Renaissance Technologies cut its Annexon stake by 32.2%, selling 258,300 shares and retaining 544,300 shares valued at approximately $3.0 million. Other institutions, including AQR Capital and Acadian Asset Management, increased their holdings.
• Annexon insiders demonstrated notable buying activity: Director William Carson purchased 8,000 shares, while Director Muneer Satter bought 613,497 shares. Insiders collectively own 10.31% of the company.
• Analyst views remain mixed, with an average rating of “Hold” and a $15.33 price target versus the stock’s recent price of $5.41. Annexon reported a better-than-expected quarterly loss of $0.23 per share, while analysts forecast a full-year loss of $0.92 per share.

Renaissance Technologies LLC lessened its position in shares of Annexon, Inc. (NASDAQ:ANNX - Free Report) by 32.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 544,300 shares of the company's stock after selling 258,300 shares during the quarter. Renaissance Technologies LLC owned approximately 0.33% of Annexon worth $3,015,000 as of its most recent filing with the Securities and Exchange Commission.

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

Insider Activity

In other news, Director William H. Carson bought 8,000 shares of the business's stock in a transaction dated Monday, May 11th. The stock was bought at an average price of $5.78 per share, for a total transaction of $46,240.00. Following the completion of the purchase, the director owned 78,405 shares of the company's stock, valued at approximately $453,180.90. The trade was a 11.36% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Muneer A. Satter bought 613,497 shares of the business's stock in a transaction dated Thursday, May 28th. The stock was purchased at an average price of $5.41 per share, with a total value of $3,319,018.77. Following the purchase, the director directly owned 10,342,134 shares of the company's stock, valued at $55,950,944.94. The trade was a 6.31% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 10.31% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on ANNX. Needham & Company LLC raised their price objective on shares of Annexon from $11.00 to $25.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. Wall Street Zen cut shares of Annexon from a "hold" rating to a "sell" rating in a research note on Sunday, July 12th. The Goldman Sachs Group began coverage on shares of Annexon in a research report on Tuesday, May 12th. They issued a "neutral" rating and a $7.00 price target for the company. Weiss Ratings restated a "sell (d-)" rating on shares of Annexon in a research note on Friday, July 17th. Finally, Citigroup assumed coverage on Annexon in a report on Tuesday, July 21st. They set a "market underperform" rating on the stock. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Annexon currently has an average rating of "Hold" and an average price target of $15.33.

Annexon Stock Performance

Shares of NASDAQ ANNX opened at $5.41 on Friday. The stock has a market cap of $886.39 million, a PE ratio of -4.43 and a beta of 1.18. The business has a fifty day moving average of $5.36 and a two-hundred day moving average of $5.56. Annexon, Inc. has a 52-week low of $2.03 and a 52-week high of $7.18.

Annexon (NASDAQ:ANNX - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.07. Analysts predict that Annexon, Inc. will post -0.92 earnings per share for the current year.

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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