HC Wainwright Reaffirms “Buy” Rating for Annexon (NASDAQ:ANNX)

HC Wainwright restated their buy rating on shares of Annexon (NASDAQ:ANNX) in a research note released on Wednesday, Benzinga reports. The brokerage currently has a $30.00 price target on the stock. HC Wainwright also issued estimates for Annexon’s Q1 2024 earnings at ($0.35) EPS, Q2 2024 earnings at ($0.37) EPS, Q3 2024 earnings at ($0.38) EPS, Q4 2024 earnings at ($0.40) EPS, FY2024 earnings at ($1.50) EPS, FY2025 earnings at ($1.06) EPS, FY2026 earnings at ($0.15) EPS, FY2027 earnings at $0.53 EPS and FY2028 earnings at $1.17 EPS.

A number of other research firms also recently issued reports on ANNX. Bank of America raised shares of Annexon from a neutral rating to a buy rating and increased their price target for the stock from $4.00 to $6.00 in a research note on Thursday, December 21st. JPMorgan Chase & Co. upgraded shares of Annexon from a neutral rating to an overweight rating and set a $11.00 price objective on the stock in a report on Friday, March 1st. Finally, Needham & Company LLC restated a buy rating and issued a $16.00 price objective on shares of Annexon in a report on Wednesday. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of Buy and an average price target of $14.14.

Annexon Price Performance

ANNX stock opened at $7.17 on Wednesday. Annexon has a 1 year low of $1.57 and a 1 year high of $8.40. The company has a market cap of $381.73 million, a P/E ratio of -4.03 and a beta of 1.10. The firm has a 50-day moving average of $5.40 and a 200 day moving average of $3.71.

Insider Activity

In other news, CEO Douglas Love sold 5,782 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $5.54, for a total transaction of $32,032.28. Following the sale, the chief executive officer now owns 196,121 shares in the company, valued at $1,086,510.34. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders have sold a total of 8,940 shares of company stock worth $49,514 over the last 90 days. 19.11% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Annexon

A number of institutional investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC boosted its holdings in Annexon by 31.3% in the first quarter. Tower Research Capital LLC TRC now owns 7,992 shares of the company’s stock worth $31,000 after purchasing an additional 1,903 shares during the last quarter. Bank of America Corp DE raised its position in Annexon by 29.7% in the fourth quarter. Bank of America Corp DE now owns 8,938 shares of the company’s stock worth $46,000 after acquiring an additional 2,049 shares during the period. Quantbot Technologies LP raised its position in Annexon by 630.8% in the first quarter. Quantbot Technologies LP now owns 9,500 shares of the company’s stock worth $25,000 after acquiring an additional 8,200 shares during the period. Balyasny Asset Management L.P. bought a new position in Annexon in the fourth quarter worth approximately $46,000. Finally, Price T Rowe Associates Inc. MD bought a new position in Annexon in the fourth quarter worth approximately $57,000.

Annexon Company Profile

Annexon, Inc, a clinical-stage biopharmaceutical company, discovers and develops therapeutics for autoimmune, neurodegenerative, and ophthalmic disorders. The company's C1q is an initiating molecule of the classical complement pathway that targets distinct disease processes, such as antibody-mediated autoimmune disease and complement-mediated neurodegeneration.