Annexon (NASDAQ:ANNX) Trading Down 8.2% – What’s Next?

Annexon, Inc. (NASDAQ:ANNX)’s stock price fell 8.2% during trading on Wednesday . The company traded as low as $5.93 and last traded at $5.90. Approximately 5,133,804 shares traded hands during mid-day trading, an increase of 78% from the average session volume of 2,887,156 shares. The stock had previously closed at $6.43.

Wall Street Analysts Forecast Growth

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

Annexon Trading Down 7.2%

The stock has a market capitalization of $977.31 million, a P/E ratio of -4.88 and a beta of 1.16. The company has a fifty day simple moving average of $5.36 and a two-hundred day simple moving average of $5.54.

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

Insiders Place Their Bets

In other Annexon news, Director William H. Carson bought 8,000 shares of the company’s stock in a transaction on Monday, May 11th. The stock was bought at an average price of $5.78 per share, for a total transaction of $46,240.00. Following the transaction, 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 position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Muneer A. Satter purchased 613,497 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was bought at an average cost of $5.41 per share, for a total transaction of $3,319,018.77. Following the purchase, the director owned 10,342,134 shares in the company, valued at $55,950,944.94. This trade represents a 6.31% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 629,497 shares of company stock valued at $3,414,859 in the last ninety days. Company insiders own 10.31% of the company’s stock.

Hedge Funds Weigh In On Annexon

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ANNX. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Annexon by 65.6% in 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 last quarter. Landscape Capital Management L.L.C. acquired a new position in Annexon during the fourth quarter valued at approximately $50,000. CIBC Bancorp USA Inc. acquired a new position in Annexon during the third quarter valued at approximately $31,000. Mercer Global Advisors Inc. ADV bought a new stake in Annexon in the fourth quarter valued at approximately $52,000. Finally, Mount Vernon Associates Inc. MD acquired a new stake in Annexon in the fourth quarter worth $53,000.

About Annexon

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.