Annexon (NASDAQ:ANNX) Trading Down 7.4% – Should You Sell?

Annexon, Inc. (NASDAQ:ANNX)’s stock price fell 7.4% during trading on Thursday . The stock traded as low as $4.05 and last traded at $4.0450. Approximately 2,075,215 shares traded hands during mid-day trading, a decline of 29% from the average session volume of 2,904,342 shares. The stock had previously closed at $4.37.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ANNX. Needham & Company LLC raised their target price on Annexon from $11.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. HC Wainwright restated a “buy” rating and issued a $14.00 price target on shares of Annexon in a research report on Monday, July 20th. Wall Street Zen downgraded Annexon from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Annexon in a research note on Friday, July 17th. Finally, Citigroup assumed coverage on Annexon in a research report on Tuesday, July 21st. They set a “market underperform” rating on the stock. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Annexon currently has an average rating of “Hold” and an average target price of $15.14.

Annexon Stock Performance

The stock has a market capitalization of $783.91 million, a P/E ratio of -3.55 and a beta of 1.21. The company’s 50-day moving average price is $5.32 and its 200 day moving average price is $5.42.

Annexon (NASDAQ:ANNX) last released its earnings results on Wednesday, August 12th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Analysts predict that Annexon, Inc. will post -1.04 earnings per share for the current year.

Hedge Funds Weigh In On Annexon

Several large investors have recently made changes to their positions in ANNX. BlackRock Inc. bought a new position in Annexon in the 2nd quarter worth approximately $77,312,000. Redmile Group LLC grew its holdings in Annexon by 44.8% during the 1st quarter. Redmile Group LLC now owns 14,549,768 shares of the company’s stock valued at $80,606,000 after buying an additional 4,499,124 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its position in shares of Annexon by 266.7% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 5,500,000 shares of the company’s stock valued at $27,610,000 after buying an additional 4,000,000 shares during the last quarter. Siren L.L.C. bought a new stake in shares of Annexon during the first quarter valued at approximately $21,931,000. Finally, Mak Capital One LLC purchased a new position in shares of Annexon in the fourth quarter worth $14,852,000.

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.