Annexon (NASDAQ:ANNX) Shares Gap Up After Analyst Upgrade

Annexon, Inc. (NASDAQ:ANNX)’s stock price gapped up prior to trading on Wednesday after Needham & Company LLC raised their price target on the stock from $11.00 to $25.00. The stock had previously closed at $5.55, but opened at $5.87. Needham & Company LLC currently has a buy rating on the stock. Annexon shares last traded at $5.5770, with a volume of 265,260 shares traded.

Several other research firms also recently issued reports on ANNX. Cantor Fitzgerald reiterated an “overweight” rating on shares of Annexon in a research note on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of Annexon in a research note on Monday, April 20th. The Goldman Sachs Group began coverage on Annexon in a report on Tuesday, May 12th. They issued a “neutral” rating and a $7.00 target price for the company. Chardan Capital reaffirmed a “buy” rating and set a $16.00 target price on shares of Annexon in a research report on Friday, March 20th. Finally, Wall Street Zen downgraded Annexon from a “hold” rating to a “sell” rating in a report on Sunday. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.80.

Insider Transactions at Annexon

In other Annexon news, Director Muneer A. Satter purchased 613,497 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were bought at an average cost of $5.41 per share, with a total value of $3,319,018.77. Following the transaction, the director directly owned 10,342,134 shares in the company, valued at approximately $55,950,944.94. This represents a 6.31% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director William H. Carson purchased 8,000 shares of the company’s stock in a transaction on Monday, May 11th. The stock was acquired at an average cost of $5.78 per share, for a total transaction of $46,240.00. Following the completion of the transaction, the director owned 78,405 shares in the company, valued at approximately $453,180.90. This trade represents a 11.36% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 10.31% of the company’s stock.

Institutional Investors Weigh In On Annexon

Several hedge funds and other institutional investors have recently modified their holdings of ANNX. CIBC Bancorp USA Inc. bought a new stake in Annexon in the 3rd quarter valued at $31,000. Engineers Gate Manager LP bought a new position in shares of Annexon during the 2nd quarter worth about $32,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Annexon by 65.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,033 shares of the company’s stock worth $35,000 after purchasing an additional 2,785 shares during the period. Landscape Capital Management L.L.C. bought a new position in shares of Annexon during the 4th quarter worth about $50,000. Finally, Mercer Global Advisors Inc. ADV acquired a new position in shares of Annexon during the fourth quarter valued at about $52,000.

Annexon Stock Up 0.1%

The stock’s 50-day moving average price is $5.35 and its 200 day moving average price is $5.56. The firm has a market cap of $910.62 million, a price-to-earnings ratio of -4.56 and a beta of 1.16.

Annexon (NASDAQ:ANNX) last released its earnings results on Thursday, May 7th. The company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.07. On average, research analysts predict that Annexon, Inc. will post -0.92 EPS for the current year.

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.