Annexon (NASDAQ:ANNX) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Annexon (NASDAQ:ANNX) issued its quarterly earnings results on Monday. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.32) by $0.04, FiscalAI reports.

Annexon Stock Performance

Shares of NASDAQ ANNX opened at $5.54 on Wednesday. Annexon has a 52-week low of $1.28 and a 52-week high of $7.18. The firm has a market capitalization of $662.75 million, a price-to-earnings ratio of -4.07 and a beta of 1.15. The stock has a 50 day moving average price of $5.61 and a 200 day moving average price of $4.56.

Insider Activity at Annexon

In other news, CFO Jennifer Lew sold 7,851 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $5.11, for a total transaction of $40,118.61. Following the transaction, the chief financial officer owned 113,765 shares of the company’s stock, valued at approximately $581,339.15. This represents a 6.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Overdorf sold 6,225 shares of the firm’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $5.10, for a total value of $31,747.50. Following the transaction, the executive vice president owned 124,464 shares in the company, valued at approximately $634,766.40. This represents a 4.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 32,513 shares of company stock worth $165,973 over the last three months. Corporate insiders own 12.67% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ANNX. AQR Capital Management LLC increased its position in Annexon by 122.6% during the 1st 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 during the period. Jane Street Group LLC lifted its position in shares of Annexon by 8.2% in the 1st quarter. Jane Street Group LLC now owns 99,924 shares of the company’s stock worth $193,000 after purchasing an additional 7,553 shares during the period. Acadian Asset Management LLC lifted its position in shares of Annexon by 31.1% in the 1st quarter. Acadian Asset Management LLC now owns 203,990 shares of the company’s stock worth $393,000 after purchasing an additional 48,345 shares during the period. Geode Capital Management LLC boosted its stake in shares of Annexon by 1.8% during the second quarter. Geode Capital Management LLC now owns 2,284,773 shares of the company’s stock valued at $5,484,000 after purchasing an additional 39,763 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Annexon by 6.6% during the second quarter. American Century Companies Inc. now owns 211,195 shares of the company’s stock valued at $507,000 after purchasing an additional 13,001 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have 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 reissued a “buy” rating and set a $16.00 target price on shares of Annexon in a research note on Friday, March 20th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Annexon in a report on Wednesday, January 21st. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

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.