Annexon (NASDAQ:ANNX) Trading 10.2% Higher – Here’s Why

Shares of Annexon, Inc. (NASDAQ:ANNX) shot up 10.2% during trading on Wednesday . The company traded as high as $5.41 and last traded at $5.5120. 457,965 shares were traded during mid-day trading, a decline of 83% from the average session volume of 2,635,848 shares. The stock had previously closed at $5.00.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of Annexon in a report on Wednesday, January 14th. Chardan Capital reaffirmed a “buy” rating and set a $16.00 price target on shares of Annexon in a report on Friday, March 20th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Annexon in a research report on Wednesday, January 21st. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Annexon currently has a consensus rating of “Moderate Buy” and an average target price of $17.00.

Annexon Stock Down 2.1%

The stock has a market cap of $628.07 million, a price-to-earnings ratio of -3.72 and a beta of 1.15. The company has a 50 day simple moving average of $5.66 and a 200 day simple moving average of $4.47.

Insider Activity

In other Annexon news, EVP Michael Overdorf sold 6,225 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $5.10, for a total value of $31,747.50. Following the transaction, the executive vice president directly owned 124,464 shares of the company’s stock, valued at approximately $634,766.40. The trade was a 4.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jennifer Lew sold 7,851 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $5.11, for a total value of $40,118.61. Following the transaction, the chief financial officer owned 113,765 shares in the company, valued at $581,339.15. The trade was a 6.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 32,513 shares of company stock valued at $165,973. 11.87% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Annexon

Institutional investors have recently modified their holdings of the company. AQR Capital Management LLC lifted its position in shares of Annexon by 122.6% during the first quarter. AQR Capital Management LLC now owns 73,790 shares of the company’s stock valued at $142,000 after purchasing an additional 40,637 shares in the last quarter. Jane Street Group LLC increased its stake in Annexon by 8.2% in the 1st quarter. Jane Street Group LLC now owns 99,924 shares of the company’s stock valued at $193,000 after buying an additional 7,553 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of Annexon by 31.1% during the 1st quarter. Acadian Asset Management LLC now owns 203,990 shares of the company’s stock worth $393,000 after buying an additional 48,345 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Annexon by 1.8% during the 2nd quarter. Geode Capital Management LLC now owns 2,284,773 shares of the company’s stock worth $5,484,000 after buying an additional 39,763 shares in the last quarter. Finally, DNB Asset Management AS boosted its stake in shares of Annexon by 33.9% in the 2nd quarter. DNB Asset Management AS now owns 99,574 shares of the company’s stock worth $239,000 after buying an additional 25,195 shares during the last quarter.

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.