Annexon (NASDAQ:ANNX) Trading Down 6.9% – Time to Sell?

Annexon, Inc. (NASDAQ:ANNX) shares traded down 6.9% during mid-day trading on Friday . The stock traded as low as $4.67 and last traded at $4.6750. 1,076,775 shares were traded during mid-day trading, a decline of 60% from the average session volume of 2,665,010 shares. The stock had previously closed at $5.02.

Wall Street Analyst Weigh In

Several research firms have commented on ANNX. Weiss Ratings reiterated a “sell (d-)” rating on shares of Annexon in a report on Wednesday, October 8th. Chardan Capital initiated coverage on shares of Annexon in a research report on Tuesday, December 23rd. They set a “buy” rating and a $16.00 price objective for the company. Finally, Wells Fargo & Company increased their target price on Annexon from $14.00 to $27.00 and gave the company an “overweight” rating in a report on Wednesday, November 19th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $17.00.

Annexon Stock Down 6.5%

The stock has a market capitalization of $561.66 million, a PE ratio of -3.32 and a beta of 1.19. The business’s 50-day moving average is $4.13 and its two-hundred day moving average is $3.12.

Annexon (NASDAQ:ANNX) last posted its earnings results on Monday, November 10th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.03). As a group, analysts anticipate that Annexon, Inc. will post -0.96 EPS for the current year.

Insider Activity at Annexon

In other Annexon news, Director Muneer A. Satter purchased 422,613 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The stock was purchased at an average price of $4.28 per share, for a total transaction of $1,808,783.64. Following the purchase, the director directly owned 9,728,637 shares in the company, valued at approximately $41,638,566.36. This trade represents a 4.54% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jung Choi acquired 33,000 shares of the company’s stock in a transaction on Monday, December 1st. The stock was acquired at an average price of $4.19 per share, for a total transaction of $138,270.00. Following the completion of the purchase, the director owned 33,000 shares of the company’s stock, valued at $138,270. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 1,863,843 shares of company stock valued at $7,235,492 over the last three months. Corporate insiders own 11.87% of the company’s stock.

Institutional Investors Weigh In On Annexon

Several hedge funds have recently made changes to their positions in the business. Woodline Partners LP boosted its holdings in shares of Annexon by 150.4% in the third quarter. Woodline Partners LP now owns 2,638,275 shares of the company’s stock valued at $8,047,000 after acquiring an additional 1,584,566 shares in the last quarter. Sio Capital Management LLC lifted its position in Annexon by 20.5% in the second quarter. Sio Capital Management LLC now owns 4,095,764 shares of the company’s stock valued at $9,830,000 after purchasing an additional 697,978 shares during the period. Vanguard Group Inc. boosted its holdings in Annexon by 8.7% in the 3rd quarter. Vanguard Group Inc. now owns 5,835,112 shares of the company’s stock valued at $17,797,000 after purchasing an additional 469,073 shares in the last quarter. Bank of America Corp DE boosted its holdings in Annexon by 39.9% in the 2nd quarter. Bank of America Corp DE now owns 1,452,795 shares of the company’s stock valued at $3,487,000 after purchasing an additional 414,071 shares in the last quarter. Finally, Rhenman & Partners Asset Management AB increased its position in Annexon by 78.9% during the 3rd quarter. Rhenman & Partners Asset Management AB now owns 823,000 shares of the company’s stock worth $2,510,000 after purchasing an additional 363,000 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.