Annexon (NASDAQ:ANNX) Reaches New 1-Year High – Should You Buy?

Shares of Annexon, Inc. (NASDAQ:ANNX) hit a new 52-week high during trading on Wednesday . The company traded as high as $5.50 and last traded at $5.4050, with a volume of 633104 shares trading hands. The stock had previously closed at $5.10.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ANNX. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Annexon in a research report on Wednesday, October 8th. Chardan Capital initiated coverage on Annexon in a research report on Tuesday, December 23rd. They set a “buy” rating and a $16.00 price target on the stock. Finally, Wells Fargo & Company upped their price target on Annexon from $14.00 to $27.00 and gave the company an “overweight” rating in a research report on Wednesday, November 19th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Annexon currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Annexon Stock Up 7.2%

The company’s 50 day moving average price is $4.22 and its two-hundred day moving average price is $3.19. The stock has a market cap of $653.78 million, a P/E ratio of -3.88 and a beta of 1.19.

Annexon (NASDAQ:ANNX) last released 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, equities research analysts forecast that Annexon, Inc. will post -0.96 earnings per share for the current year.

Insider Buying and Selling at Annexon

In other news, Director Jung Choi acquired 33,000 shares of Annexon stock in a transaction that occurred on Monday, December 1st. The stock was purchased at an average cost of $4.19 per share, with a total value of $138,270.00. Following the completion of the acquisition, the director owned 33,000 shares in the company, valued at $138,270. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Muneer A. Satter acquired 500,000 shares of the business’s stock in a transaction dated Wednesday, November 19th. The stock was purchased at an average cost of $3.94 per share, with a total value of $1,970,000.00. Following the transaction, the director owned 8,906,024 shares of the company’s stock, valued at approximately $35,089,734.56. The trade was a 5.95% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have bought 1,867,958 shares of company stock valued at $7,256,150. Company insiders own 12.67% of the company’s stock.

Hedge Funds Weigh In On Annexon

Several institutional investors have recently modified their holdings of ANNX. Invesco Ltd. raised its stake in shares of Annexon by 186.7% in the 1st quarter. Invesco Ltd. now owns 91,409 shares of the company’s stock worth $176,000 after buying an additional 59,528 shares in the last quarter. AQR Capital Management LLC grew 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 valued at $142,000 after purchasing an additional 40,637 shares during the period. Jane Street Group LLC increased its stake in shares of Annexon by 8.2% in 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 in the last quarter. Acadian Asset Management LLC boosted its holdings in Annexon by 31.1% in the first quarter. Acadian Asset Management LLC now owns 203,990 shares of the company’s stock valued at $393,000 after acquiring an additional 48,345 shares during the last quarter. Finally, Park Avenue Securities LLC boosted its holdings in Annexon by 36.1% during the second quarter. Park Avenue Securities LLC now owns 113,068 shares of the company’s stock worth $271,000 after buying an additional 30,000 shares during the last quarter.

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.