Annexon (NASDAQ:ANNX) Hits New 12-Month High – Here’s Why

Annexon, Inc. (NASDAQ:ANNX) shares reached a new 52-week high on Thursday . The company traded as high as $6.88 and last traded at $6.85, with a volume of 2990505 shares. The stock had previously closed at $6.16.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Chardan Capital assumed coverage on shares of Annexon in a report on Tuesday, December 23rd. They set a “buy” rating and a $16.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Annexon in a research note on Wednesday, October 8th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Annexon in a report on Wednesday, January 14th. Finally, Wells Fargo & Company upped their price objective on Annexon from $14.00 to $27.00 and gave the company an “overweight” rating in a research note on Wednesday, November 19th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Annexon has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Annexon Trading Up 11.2%

The stock has a market capitalization of $819.47 million, a P/E ratio of -4.86 and a beta of 1.19. The firm’s fifty day moving average is $4.88 and its 200-day moving average is $3.45.

Annexon (NASDAQ:ANNX) last issued its quarterly earnings data on Monday, November 10th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.03). Equities research analysts expect that Annexon, Inc. will post -0.96 EPS for the current year.

Insiders Place Their Bets

In other Annexon news, Director Jung Choi acquired 33,000 shares of the business’s stock in a transaction on Monday, December 1st. The stock was purchased at an average price of $4.19 per share, for a total transaction of $138,270.00. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Muneer A. Satter acquired 422,613 shares of Annexon stock in a transaction on Friday, November 21st. The stock was acquired at an average cost of $4.28 per share, for a total transaction of $1,808,783.64. Following the purchase, the director owned 9,728,637 shares of the company’s stock, valued at approximately $41,638,566.36. This represents a 4.54% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 1,867,958 shares of company stock valued at $7,256,150 over the last ninety days. Insiders own 11.87% of the company’s stock.

Institutional Investors Weigh In On Annexon

A number of hedge funds have recently added to or reduced their stakes in ANNX. Matauro LLC acquired a new position in shares of Annexon during the second quarter worth approximately $27,000. Vanguard Personalized Indexing Management LLC bought a new position in Annexon in the 2nd quarter worth approximately $29,000. 49 Wealth Management LLC acquired a new position in Annexon during the 2nd quarter worth $29,000. CIBC Bancorp USA Inc. bought a new position in Annexon in the 3rd quarter valued at $31,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of Annexon in the 2nd quarter valued at $32,000.

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.