Investors Purchase High Volume of Call Options on Annexon (NASDAQ:ANNX)

Key Points

• Annexon call-option activity surged: Traders purchased 2,592 call options, approximately 244% above the typical daily volume of 754.
• Analyst sentiment remains mixed: Five analysts rate the stock Buy, two Hold, and three Sell, resulting in an average “Hold” rating and a $15.33 price target.
• ANNX traded near $5.34, while the company reported a quarterly loss of $0.28 per share, missing the $0.23 consensus estimate. Director Muneer A. Satter also bought 613,497 shares for approximately $3.3 million.

Annexon, Inc. (NASDAQ:ANNX - Get Free Report) saw some unusual options trading activity on Wednesday. Traders purchased 2,592 call options on the stock. This is an increase of approximately 244% compared to the typical daily volume of 754 call options.

Analyst Upgrades and Downgrades

ANNX has been the topic of several recent research reports. Weiss Ratings restated a "sell (d-)" rating on shares of Annexon in a research report on Friday, July 17th. Citigroup began coverage on Annexon in a research report on Tuesday, July 21st. They issued a "market underperform" rating for the company. Needham & Company LLC boosted their price objective on Annexon from $11.00 to $25.00 and gave the company a "buy" rating in a research note on Wednesday, July 15th. Citizens Jmp began coverage on Annexon in a report on Tuesday, July 21st. They set a "market underperform" rating and a $3.00 price objective on the stock. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Annexon in a research note on Monday, July 13th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $15.33.

Annexon Stock Performance

Annexon stock traded up $0.01 during midday trading on Wednesday, reaching $5.34. 1,010,674 shares of the stock were exchanged, compared to its average volume of 2,933,415. Annexon has a 52 week low of $2.03 and a 52 week high of $7.18. The firm has a market cap of $875.74 million, a PE ratio of -4.38 and a beta of 1.18. The company's fifty day moving average is $5.35 and its 200-day moving average is $5.54.

Annexon (NASDAQ:ANNX - Get Free Report) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.05). On average, sell-side analysts anticipate that Annexon will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In other Annexon news, Director Muneer A. Satter purchased 613,497 shares of the company's stock in a transaction that occurred on Thursday, May 28th. The shares were bought at an average cost of $5.41 per share, for a total transaction of $3,319,018.77. Following the purchase, the director owned 10,342,134 shares of the company's stock, valued at $55,950,944.94. This represents a 6.31% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 10.31% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Annexon

Large investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC lifted its stake in Annexon by 13.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 19,553 shares of the company's stock worth $100,000 after purchasing an additional 2,348 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Annexon by 65.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,033 shares of the company's stock valued at $35,000 after buying an additional 2,785 shares during the last quarter. Susquehanna Portfolio Strategies LLC grew its stake in shares of Annexon by 0.8% during the fourth quarter. Susquehanna Portfolio Strategies LLC now owns 356,619 shares of the company's stock valued at $1,790,000 after buying an additional 2,875 shares during the last quarter. ProShare Advisors LLC increased its holdings in shares of Annexon by 21.7% in the fourth quarter. ProShare Advisors LLC now owns 24,698 shares of the company's stock worth $124,000 after buying an additional 4,410 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Annexon by 3.6% in the first quarter. The Manufacturers Life Insurance Company now owns 134,786 shares of the company's stock worth $747,000 after buying an additional 4,684 shares during the period.

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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