Y Intercept Hong Kong Ltd Invests $7.31 Million in Annexon, Inc. $ANNX

Key Points

• Y Intercept Hong Kong Ltd disclosed a new position in Annexon, buying 1,319,913 shares valued at about $7.31 million in the first quarter, or roughly 0.81% of the company.
• Several other major investors also increased their stakes, while insiders were active as well: director Muneer A. Satter bought 613,497 shares and director William H. Carson bought 8,000 shares, bringing insider buying to 629,497 shares over the last 90 days.
• Annexon recently beat quarterly earnings expectations, reporting EPS of -$0.23 versus the expected -$0.30, and analysts currently view the stock with a Hold consensus and an average price target of $16.00.

Y Intercept Hong Kong Ltd acquired a new stake in Annexon, Inc. (NASDAQ:ANNX - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 1,319,913 shares of the company's stock, valued at approximately $7,312,000. Y Intercept Hong Kong Ltd owned about 0.81% of Annexon as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. BVF Inc. IL lifted its holdings in Annexon by 30.4% in the fourth quarter. BVF Inc. IL now owns 9,128,080 shares of the company's stock valued at $45,823,000 after buying an additional 2,128,080 shares during the period. Vanguard Group Inc. grew its holdings in Annexon by 8.7% during the 3rd quarter. Vanguard Group Inc. now owns 5,835,112 shares of the company's stock worth $17,797,000 after acquiring an additional 469,073 shares during the period. Adage Capital Partners GP L.L.C. grew its holdings 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 acquiring an additional 4,000,000 shares during the period. State Street Corp raised its position in shares of Annexon by 126.9% in the 4th quarter. State Street Corp now owns 4,652,185 shares of the company's stock worth $23,354,000 after acquiring an additional 2,601,877 shares in the last quarter. Finally, Balyasny Asset Management L.P. raised its position in shares of Annexon by 154.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 3,299,256 shares of the company's stock worth $16,562,000 after acquiring an additional 2,001,996 shares in the last quarter.

Insider Activity at Annexon

In other news, Director William H. Carson bought 8,000 shares of the business's stock in a transaction that occurred on Monday, May 11th. The shares were bought at an average cost of $5.78 per share, for a total transaction of $46,240.00. Following the acquisition, the director directly owned 78,405 shares in the company, valued at approximately $453,180.90. This trade represents a 11.36% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Muneer A. Satter purchased 613,497 shares of Annexon stock in a transaction that occurred on Thursday, May 28th. The stock was acquired at an average cost of $5.41 per share, with a total value of $3,319,018.77. Following the transaction, the director owned 10,342,134 shares in the company, valued at $55,950,944.94. This trade represents a 6.31% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have bought 629,497 shares of company stock valued at $3,414,859. Corporate insiders own 10.31% of the company's stock.

Analyst Upgrades and Downgrades

ANNX has been the topic of several research analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of Annexon in a research report on Monday, April 20th. Wall Street Zen upgraded Annexon from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. The Goldman Sachs Group began coverage on Annexon in a research note on Tuesday, May 12th. They issued a "neutral" rating and a $7.00 price target on the stock. Finally, Chardan Capital restated a "buy" rating and set a $16.00 price target on shares of Annexon in a report on Friday, March 20th. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $16.00.

Annexon Stock Performance

Shares of NASDAQ ANNX opened at $5.46 on Friday. The firm's 50-day moving average price is $5.35 and its 200-day moving average price is $5.51. Annexon, Inc. has a 1-year low of $1.85 and a 1-year high of $7.18. The firm has a market capitalization of $894.57 million, a P/E ratio of -4.48 and a beta of 1.16.

Annexon (NASDAQ:ANNX - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.30) by $0.07. Equities research analysts forecast that Annexon, Inc. will post -0.92 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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