Annexon (NASDAQ:ANNX) Shares Gap Down to $5.74

Annexon, Inc. (NASDAQ:ANNX - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $5.74, but opened at $5.54. Annexon shares last traded at $5.66, with a volume of 556,824 shares traded.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. JPMorgan Chase & Co. boosted their price target on shares of Annexon from $11.00 to $13.00 and gave the stock an "overweight" rating in a research note on Monday, April 1st. Wells Fargo & Company boosted their price target on shares of Annexon from $11.00 to $12.00 and gave the stock an "overweight" rating in a research note on Wednesday, March 27th. Bank of America upped their target price on shares of Annexon from $7.00 to $10.00 and gave the stock a "buy" rating in a research note on Thursday, March 28th. Needham & Company LLC restated a "buy" rating and set a $16.00 target price on shares of Annexon in a research note on Thursday, April 11th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Annexon in a report on Wednesday, April 3rd. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $14.43.

Annexon Stock Down 10.9 %

The stock has a fifty day moving average of $5.80 and a 200-day moving average of $4.02. The stock has a market capitalization of $460.48 million, a price-to-earnings ratio of -2.87 and a beta of 1.14.

Insider Activity

In other news, CEO Douglas Love sold 5,782 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $5.54, for a total value of $32,032.28. Following the completion of the sale, the chief executive officer now directly owns 196,121 shares of the company's stock, valued at $1,086,510.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders sold 8,940 shares of company stock valued at $49,514. 19.11% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Annexon

Several large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position in Annexon by 23.9% in the first quarter. JPMorgan Chase & Co. now owns 91,090 shares of the company's stock worth $249,000 after acquiring an additional 17,550 shares in the last quarter. Acadian Asset Management LLC purchased a new position in Annexon in the first quarter worth $388,000. Vanguard Group Inc. raised its position in Annexon by 1.8% in the first quarter. Vanguard Group Inc. now owns 1,095,032 shares of the company's stock worth $2,990,000 after acquiring an additional 19,722 shares in the last quarter. Federated Hermes Inc. raised its position in Annexon by 50.7% in the first quarter. Federated Hermes Inc. now owns 3,052,651 shares of the company's stock worth $8,334,000 after acquiring an additional 1,027,051 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in Annexon in the first quarter worth $100,000.

About Annexon

Annexon, Inc, a clinical-stage biopharmaceutical company, discovers and develops therapeutics for autoimmune, neurodegenerative, and ophthalmic disorders. The company's C1q is an initiating molecule of the classical complement pathway that targets distinct disease processes, such as antibody-mediated autoimmune disease and complement-mediated neurodegeneration.