Annexon (NASDAQ:ANNX) Shares Down 4.6% - Should You Sell?

Key Points

• Annexon shares fell 4.6% to about $3.83 in midday trading, below both the 50-day moving average of $4.45 and the 200-day moving average of $5.14.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating and a $15.29 average price target, despite several Buy ratings and recent bearish ratings from Weiss Ratings and Citigroup.
• Annexon missed quarterly earnings expectations, reporting a loss of $0.28 per share versus the expected $0.24 loss. CEO Douglas Love subsequently purchased roughly $99,829 worth of shares, increasing his stake by 7.15%.

Annexon, Inc. (NASDAQ:ANNX - Get Free Report) shares were down 4.6% during mid-day trading on Tuesday. The company traded as low as $3.83 and last traded at $3.8250. 1,864,518 shares were traded during mid-day trading, a decline of 38% from the average session volume of 2,995,185 shares. The stock had previously closed at $4.01.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ANNX shares. JPMorgan Chase & Co. raised their price objective on shares of Annexon from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Wednesday, September 30th. Weiss Ratings restated a "sell (d-)" rating on shares of Annexon in a report on Thursday. Citigroup initiated coverage on shares of Annexon in a report on Tuesday, July 21st. They issued a "market underperform" rating for the company. Citizens Jmp raised shares of Annexon from an "underperform" rating to a "market perform" rating in a research report on Thursday, August 13th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $14.00 target price on shares of Annexon in a research report on Monday, July 20th. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $15.29.

Annexon Stock Performance

The firm's 50-day moving average is $4.45 and its 200 day moving average is $5.14. The stock has a market cap of $725.14 million, a PE ratio of -3.30 and a beta of 1.32.

Annexon (NASDAQ:ANNX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.04). On average, sell-side analysts predict that Annexon, Inc. will post -1.05 EPS for the current fiscal year.

Insider Activity

In related news, CEO Douglas Love purchased 26,065 shares of the stock in a transaction that occurred on Thursday, September 24th. The shares were purchased at an average price of $3.83 per share, with a total value of $99,828.95. Following the completion of the acquisition, the chief executive officer directly owned 390,476 shares in the company, valued at $1,495,523.08. This represents a 7.15% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 10.31% of the stock is currently owned by corporate insiders.

Institutional Trading of Annexon

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC increased its holdings in shares of Annexon by 32.3% during the second quarter. Integrated Wealth Concepts LLC now owns 13,537 shares of the company's stock worth $77,000 after buying an additional 3,305 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Annexon by 3.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 134,786 shares of the company's stock valued at $747,000 after purchasing an additional 4,684 shares in the last quarter. ADAR1 Capital Management LLC raised its position in Annexon by 14.6% in the 1st quarter. ADAR1 Capital Management LLC now owns 55,000 shares of the company's stock valued at $305,000 after purchasing an additional 7,000 shares during the last quarter. Abel Hall LLC bought a new position in Annexon in the 1st quarter valued at $61,000. Finally, Forefront Analytics LLC bought a new position in Annexon in the 2nd quarter valued at $81,000.

About Annexon

Annexon, Inc is a clinical-stage biopharmaceutical company developing therapies for diseases driven by activation of the classical complement pathway, an immune-system mechanism involved in inflammation and tissue damage. The company's approach is designed to selectively inhibit complement activity while preserving other parts of the immune response.

Annexon's pipeline has included ANX005, an investigational monoclonal antibody that targets C1q, an initiating protein in the classical complement pathway.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.