Annexon (NASDAQ:ANNX) Shares Gap Up After Insider Buying Activity

Annexon, Inc. (NASDAQ:ANNX) gapped up prior to trading on Monday following insider buying activity. The stock had previously closed at $3.64, but opened at $3.85. Annexon shares last traded at $3.8150, with a volume of 730,698 shares traded.

Specifically, CEO Douglas Love acquired 26,065 shares of the stock in a transaction that occurred on Thursday, September 24th. The shares were purchased at an average cost of $3.83 per share, with a total value of $99,828.95. Following the purchase, the chief executive officer owned 390,476 shares in the company, valued at approximately $1,495,523.08. The trade was a 7.15% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ANNX shares. Wall Street Zen cut shares of Annexon from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Citizens Jmp raised Annexon from an “underperform” rating to a “market perform” rating in a research note on Thursday, August 13th. JPMorgan Chase & Co. raised their price target on Annexon from $10.00 to $14.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 1st. Needham & Company LLC upped their price objective on Annexon from $11.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $14.00 price objective on shares of Annexon in a research note on Monday, July 20th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Annexon currently has an average rating of “Hold” and a consensus price target of $15.14.

Annexon Stock Up 4.8%

The firm has a market cap of $723.25 million, a price-to-earnings ratio of -3.29 and a beta of 1.21. The firm has a fifty day moving average price of $4.87 and a 200-day moving average price of $5.31.

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

Hedge Funds Weigh In On Annexon

Large investors have recently bought and sold shares of the stock. Abel Hall LLC acquired a new stake in shares of Annexon during the 1st quarter worth $61,000. Integrated Wealth Concepts LLC lifted its stake in shares of Annexon by 32.3% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 13,537 shares of the company’s stock valued at $77,000 after purchasing an additional 3,305 shares in the last quarter. Forefront Analytics LLC purchased a new stake in shares of Annexon during the 2nd quarter worth about $81,000. Caitong International Asset Management Co. Ltd acquired a new stake in Annexon during the 4th quarter worth approximately $82,000. Finally, Pictet Asset Management Holding SA purchased a new position in Annexon in the first quarter valued at approximately $93,000.

Annexon Company Profile

Annexon, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for diseases driven by the classical complement pathway, an immune system mechanism that can contribute to inflammation and the destruction of healthy cells. The company’s approach is designed to selectively inhibit complement activity while preserving other potentially beneficial immune functions.

Annexon’s lead programs include ANX005, an investigational monoclonal antibody that targets C1q and is being evaluated in immune-mediated and neuroinflammatory conditions, including Guillain-Barré syndrome.