Annexon (NASDAQ:ANNX) Shares Gap Up After Insider Buying Activity

Key Points

• Annexon shares rose 4.8%, opening at $3.85 versus a prior close of $3.64, after CEO Douglas Love purchased 26,065 shares for approximately $99,829. The transaction increased his direct stake by 7.15%.
• Analyst sentiment is mixed: six analysts rate the stock a Buy, two a Hold and two a Sell, producing a consensus Hold rating and a $15.14 price target.
• Annexon reported a quarterly loss of $0.28 per share, missing the $0.24 consensus estimate; analysts expect a full-year loss of approximately $1.04 per share.

Shares of Annexon, Inc. (NASDAQ:ANNX - Get Free Report) gapped up before the market opened on Monday after an insider bought additional shares in the company. The stock had previously closed at $3.64, but opened at $3.85. Annexon shares last traded at $3.8150, with a volume of 730,698 shares.

Specifically, CEO Douglas Love purchased 26,065 shares of the company's stock in a transaction on Thursday, September 24th. The shares were bought at an average cost of $3.83 per share, for a total transaction of $99,828.95. Following the completion of the purchase, the chief executive officer directly owned 390,476 shares of the company's stock, valued at approximately $1,495,523.08. This trade represents a 7.15% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ANNX. Citizens Jmp upgraded shares of Annexon from an "underperform" rating to a "market perform" rating in a report on Thursday, August 13th. Needham & Company LLC boosted their price target on shares of Annexon from $11.00 to $25.00 and gave the company a "buy" rating in a research report on Wednesday, July 15th. Wall Street Zen downgraded shares of Annexon from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 15th. HC Wainwright reaffirmed a "buy" rating and set a $14.00 price objective on shares of Annexon in a report on Monday, July 20th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Annexon in a research report on Monday, July 13th. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $15.14.

Annexon Trading Up 4.8%

The stock has a market cap of $723.25 million, a price-to-earnings ratio of -3.29 and a beta of 1.21. The stock's 50 day moving average is $4.87 and its two-hundred day moving average is $5.31.

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 -1.04 EPS for the current year.

Institutional Investors Weigh In On Annexon

Several hedge funds have recently modified their holdings of the stock. Integrated Wealth Concepts LLC boosted its holdings in 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. ProShare Advisors LLC boosted its stake in shares of Annexon by 21.7% during the 4th quarter. ProShare Advisors LLC now owns 24,698 shares of the company's stock worth $124,000 after acquiring an additional 4,410 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Annexon by 3.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 134,786 shares of the company's stock worth $747,000 after acquiring an additional 4,684 shares during the period. ADAR1 Capital Management LLC increased its stake 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 in the last quarter. Finally, Abel Hall LLC acquired a new position in Annexon during the first quarter worth $61,000.

About Annexon

Annexon, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for diseases driven by the classical complement pathway, an immune system mechanism that can contribute to inflammation and the destruction of healthy cells. The company's approach is designed to selectively inhibit complement activity while preserving other potentially beneficial immune functions.

Annexon's lead programs include ANX005, an investigational monoclonal antibody that targets C1q and is being evaluated in immune-mediated and neuroinflammatory conditions, including Guillain-Barré syndrome.

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