Annexon (NASDAQ:ANNX) Announces Quarterly Earnings Results

Annexon (NASDAQ:ANNX) announced its earnings results on Monday. The company reported ($0.32) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.32), FiscalAI reports.

Annexon Stock Down 0.8%

ANNX traded down $0.04 during midday trading on Monday, reaching $4.96. The company had a trading volume of 2,294,205 shares, compared to its average volume of 2,650,408. The business has a 50-day moving average of $5.64 and a two-hundred day moving average of $4.52. Annexon has a 1 year low of $1.28 and a 1 year high of $7.18. The company has a market cap of $593.38 million, a P/E ratio of -3.52 and a beta of 1.15.

Insider Activity

In other Annexon news, EVP Dean Richard Artis sold 5,290 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $5.10, for a total transaction of $26,979.00. Following the sale, the executive vice president owned 123,487 shares in the company, valued at approximately $629,783.70. This trade represents a 4.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Carson purchased 8,000 shares of the stock in a transaction on Tuesday, March 10th. The shares were purchased at an average cost of $5.67 per share, for a total transaction of $45,360.00. Following the acquisition, the director directly owned 62,405 shares of the company’s stock, valued at approximately $353,836.35. This represents a 14.70% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders sold 32,513 shares of company stock worth $165,973. 11.87% of the stock is currently owned by corporate insiders.

Institutional Trading of Annexon

Several institutional investors and hedge funds have recently modified their holdings of the company. Landscape Capital Management L.L.C. bought a new position in Annexon in the 4th quarter worth $50,000. CIBC Bancorp USA Inc. bought a new stake in Annexon during the third quarter valued at about $31,000. Mercer Global Advisors Inc. ADV purchased a new position in shares of Annexon in the fourth quarter valued at about $52,000. Engineers Gate Manager LP purchased a new position in shares of Annexon in the second quarter valued at about $32,000. Finally, Cerity Partners LLC bought a new position in shares of Annexon in the fourth quarter worth about $74,000.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ANNX shares. Cantor Fitzgerald reiterated an “overweight” rating on shares of Annexon in a research note on Wednesday, January 14th. Chardan Capital restated a “buy” rating and set a $16.00 target price on shares of Annexon in a research report on Friday, March 20th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Annexon in a report on Wednesday, January 21st. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $17.00.

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.