Annexon (NASDAQ:ANNX) Trading Down 7.4% - What's Next?

Key Points

• Annexon shares fell 7.4% to about $4.05 on Thursday, with trading volume below its average; the stock remains well below its 50-day and 200-day moving averages.
• Analyst sentiment is mixed: the consensus rating is “Hold”, with an average price target of $15.14, despite bullish ratings and targets as high as $25 from some firms.
• Annexon reported a quarterly loss of $0.28 per share, missing estimates by $0.04. The clinical-stage biotech is developing complement-targeted therapies, including Phase 2 candidate ANX005 for Guillain-Barré syndrome and other neurodegenerative diseases.

Annexon, Inc. (NASDAQ:ANNX - Get Free Report)'s share price fell 7.4% during trading on Thursday . The stock traded as low as $4.05 and last traded at $4.0450. Approximately 2,075,215 shares were traded during trading, a decline of 29% from the average session volume of 2,904,342 shares. The stock had previously closed at $4.37.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Wall Street Zen lowered Annexon from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. JPMorgan Chase & Co. raised their price target on shares of Annexon from $10.00 to $14.00 and gave the company an "overweight" rating in a report on Tuesday, September 1st. Needham & Company LLC lifted their price target on shares of Annexon from $11.00 to $25.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Annexon in a research note on Friday, July 17th. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Annexon in a report on Monday, July 13th. 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 company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $15.14.

Annexon Trading Down 5.4%

The stock has a market capitalization of $783.91 million, a PE ratio of -3.55 and a beta of 1.21. The stock has a 50 day moving average price of $5.32 and a 200-day moving average price of $5.42.

Annexon (NASDAQ:ANNX - Get Free Report) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Research analysts forecast that Annexon, Inc. will post -1.04 earnings per share for the current year.

Institutional Investors Weigh In On Annexon

Large investors have recently made changes to their positions in the company. AQR Capital Management LLC lifted its stake in shares of Annexon by 122.6% in the 1st quarter. AQR Capital Management LLC now owns 73,790 shares of the company's stock worth $142,000 after purchasing an additional 40,637 shares during the period. Jane Street Group LLC increased its holdings in Annexon by 8.2% during the first quarter. Jane Street Group LLC now owns 99,924 shares of the company's stock valued at $193,000 after buying an additional 7,553 shares during the last quarter. Acadian Asset Management LLC increased its holdings in Annexon by 31.1% during the first quarter. Acadian Asset Management LLC now owns 203,990 shares of the company's stock valued at $393,000 after buying an additional 48,345 shares during the last quarter. Geode Capital Management LLC raised its position in Annexon by 1.8% in the second quarter. Geode Capital Management LLC now owns 2,284,773 shares of the company's stock worth $5,484,000 after acquiring an additional 39,763 shares during the period. Finally, American Century Companies Inc. raised its position in Annexon by 6.6% in the second quarter. American Century Companies Inc. now owns 211,195 shares of the company's stock worth $507,000 after acquiring an additional 13,001 shares during the period.

About Annexon

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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