Annexon (NASDAQ:ANNX) Shares Down 7.8% – Should You Sell?

Annexon, Inc. (NASDAQ:ANNX)’s stock price was down 7.8% during trading on Wednesday . The stock traded as low as $4.80 and last traded at $4.7950. Approximately 986,013 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 2,543,133 shares. The stock had previously closed at $5.20.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ANNX shares. Wall Street Zen raised Annexon from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Annexon in a report on Monday, April 20th. Chardan Capital reaffirmed a “buy” rating and set a $16.00 price objective on shares of Annexon in a report on Friday, March 20th. Finally, The Goldman Sachs Group started coverage on shares of Annexon in a research report on Tuesday, May 12th. They set a “neutral” rating and a $7.00 target price on the stock. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Annexon currently has a consensus rating of “Hold” and a consensus price target of $16.00.

Annexon Stock Down 8.6%

The stock has a fifty day moving average of $5.64 and a 200-day moving average of $5.44. The stock has a market cap of $779.06 million, a PE ratio of -3.91 and a beta of 1.18.

Annexon (NASDAQ:ANNX) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.07. Equities research analysts forecast that Annexon, Inc. will post -0.92 earnings per share for the current fiscal year.

Insider Transactions at Annexon

In related news, Director Muneer A. Satter purchased 613,497 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were purchased at an average price of $5.41 per share, with a total value of $3,319,018.77. Following the completion of the acquisition, the director directly owned 10,342,134 shares in the company, valued at $55,950,944.94. This represents a 6.31% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William H. Carson purchased 8,000 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were bought at an average cost of $5.78 per share, for a total transaction of $46,240.00. Following the acquisition, the director owned 78,405 shares of the company’s stock, valued at approximately $453,180.90. The trade was a 11.36% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have purchased 629,497 shares of company stock worth $3,414,859. Corporate insiders own 10.31% of the company’s stock.

Institutional Investors Weigh In On Annexon

Hedge funds and other institutional investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Annexon by 65.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,033 shares of the company’s stock valued at $35,000 after acquiring an additional 2,785 shares during the period. Landscape Capital Management L.L.C. acquired a new stake in shares of Annexon during the 4th quarter valued at approximately $50,000. CIBC Bancorp USA Inc. acquired a new stake in shares of Annexon during the 3rd quarter valued at approximately $31,000. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Annexon during the 4th quarter valued at approximately $52,000. Finally, Mount Vernon Associates Inc. MD acquired a new stake in shares of Annexon during the 4th quarter valued at approximately $53,000.

Annexon Company Profile

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.