Annexon (NASDAQ:ANNX) Stock Price Up 5.1% - Here's Why

Key Points

• Annexon shares rose 5.1% to about $4.22 in Tuesday trading, although volume was 58% below the stock’s average session volume.
• Analyst sentiment remains mixed: six analysts rate the stock a Buy, two Hold, and two Sell, producing an average Hold rating and a consensus price target of $15.14.
• The company missed quarterly earnings expectations, reporting a loss of $0.28 per share versus the $0.24 expected, while CEO Douglas Love bought nearly $100,000 of shares and several institutional investors increased their positions.

Shares of Annexon, Inc. (NASDAQ:ANNX - Get Free Report) traded up 5.1% during trading on Tuesday. The company traded as high as $4.20 and last traded at $4.2150. Approximately 1,227,574 shares were traded during mid-day trading, a decline of 58% from the average session volume of 2,942,543 shares. The stock had previously closed at $4.01.

Analyst Upgrades and Downgrades

ANNX has been the topic of a number of analyst reports. Wall Street Zen lowered Annexon from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. Cantor Fitzgerald restated an "overweight" rating on shares of Annexon in a report on Monday, July 13th. 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. Weiss Ratings reiterated a "sell (d-)" rating on shares of Annexon in a research note on Friday, July 17th. Finally, Needham & Company LLC raised their price target on shares of Annexon from $11.00 to $25.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Annexon has an average rating of "Hold" and a consensus target price of $15.14.

Annexon Trading Up 5.1%

The company has a 50-day moving average of $4.84 and a 200-day moving average of $5.29. The firm has a market capitalization of $799.08 million, a price-to-earnings ratio of -3.64 and a beta of 1.21.

Annexon (NASDAQ:ANNX - Get Free Report) last released 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, research analysts forecast that Annexon, Inc. will post -1.04 earnings per share for the current year.

Insider Activity at Annexon

In related news, CEO Douglas Love purchased 26,065 shares of the business's stock in a transaction that occurred on Thursday, September 24th. The shares were acquired at an average price of $3.83 per share, with a total value of $99,828.95. Following the acquisition, the chief executive officer owned 390,476 shares in the company, valued at approximately $1,495,523.08. This trade represents a 7.15% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 10.31% of the company's stock.

Hedge Funds Weigh In On Annexon

Several hedge funds and other institutional investors have recently modified their holdings of ANNX. BlackRock Inc. acquired a new position in shares of Annexon during the second quarter valued at $77,312,000. Redmile Group LLC lifted its holdings in Annexon by 44.8% in the first quarter. Redmile Group LLC now owns 14,549,768 shares of the company's stock worth $80,606,000 after purchasing an additional 4,499,124 shares during the period. Siren L.L.C. bought a new position in Annexon in the 1st quarter valued at about $21,931,000. Palo Alto Investors LP bought a new position in Annexon in the 2nd quarter valued at about $16,833,594. Finally, Bank of America Corp DE increased its stake in Annexon by 165.3% during the 1st quarter. Bank of America Corp DE now owns 4,259,995 shares of the company's stock valued at $23,600,000 after buying an additional 2,654,414 shares during the period.

Annexon Company Profile

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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