Annexon (NASDAQ:ANNX) Issues Earnings Results, Misses Estimates By $0.05 EPS

Annexon (NASDAQ:ANNX) issued its quarterly earnings data on Wednesday. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.05), FiscalAI reports.

Here are the key takeaways from Annexon’s conference call:

• Tanruprubart showed rapid improvement in GBS patients: all 10 patients in the initial FORWARD cohort improved within four days, including recovery of walking ability in four bed-bound patients and ventilator weaning in one patient. Annexon plans to include the data in its U.S. BLA submission, still targeted for the fourth quarter of 2026.
• Annexon expanded the ARCHER II geographic atrophy trial to include an independent month-24 dual primary endpoint while maintaining the month-15 endpoint. Management said strong enrollment, patient retention, dosing compliance, and trial execution provide sufficient power for both time points.
• The month-15 ARCHER II assessment remains expected in the fourth quarter of 2026, but patient-level data will remain masked if the trial continues to month 24. A month-15 success could lead to sub-study results in the first quarter of 2027, while completion of the full month-24 analysis is expected in the third quarter of 2027.
• Annexon secured an Oxford Finance credit facility providing access to up to $200 million in non-dilutive capital, which management said extends its cash runway into 2028 and supports regulatory preparation and potential global commercialization.

Annexon Stock Performance

Shares of NASDAQ ANNX traded up $0.01 during mid-day trading on Wednesday, reaching $5.35. 1,663,898 shares of the company traded hands, compared to its average volume of 2,937,160. The company’s fifty day moving average is $5.35 and its two-hundred day moving average is $5.54. Annexon has a fifty-two week low of $2.03 and a fifty-two week high of $7.18. The stock has a market cap of $876.56 million, a PE ratio of -4.39 and a beta of 1.18.

Trending Headlines about Annexon

Here are the key news stories impacting Annexon this week:

• Positive Sentiment: Annexon reported rapid improvements in strength and disability among the first 10 patients in its FORWARD study of tanruprubart for Guillain-Barré syndrome. The company expects to submit a U.S. Biologics License Application in the fourth quarter of 2026, an important potential catalyst. Annexon Reports Second Quarter 2026 Financial Results, Business Updates and Key Anticipated Milestones
• Positive Sentiment: The company expanded its Phase 3 ARCHER II study of vonaprument for geographic atrophy by adding a Month 24 efficacy endpoint alongside the existing Month 15 endpoint. This gives the trial two independent opportunities to demonstrate vision-loss protection; Month 15 data remain expected in the fourth quarter of 2026. Annexon Expands Vonaprument Phase 3 Program in Geographic Atrophy
• Positive Sentiment: Annexon secured access to a $200 million Oxford Finance credit facility, with $50 million initially drawn. Combined with $209.2 million in cash, equivalents and short-term investments, the company expects to fund operations and key milestones into 2028, reducing near-term financing risk.
• Neutral Sentiment: Call-option volume reached 2,592 contracts, about 244% above average. The activity indicates increased speculative interest in ANNX, but options trading does not establish a clear direction for the stock.
• Negative Sentiment: Second-quarter adjusted loss was $0.28 per share, versus the $0.23 consensus estimate. Net loss increased to $55.3 million from $49.2 million a year earlier, while research and development expenses rose to $46.6 million, highlighting the company’s ongoing cash requirements and lack of product revenue.

Insiders Place Their Bets

In related news, Director Muneer A. Satter bought 613,497 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was purchased at an average price of $5.41 per share, with a total value of $3,319,018.77. Following the completion of the transaction, the director directly owned 10,342,134 shares of the company’s stock, valued at $55,950,944.94. This trade represents a 6.31% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 10.31% of the company’s stock.

Institutional Trading of Annexon

Several large investors have recently modified their holdings of the company. Adage Capital Partners GP L.L.C. grew its holdings in Annexon by 266.7% in the 4th 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. Mak Capital One LLC bought a new position in Annexon in the 4th quarter worth approximately $14,852,000. State Street Corp increased its position in Annexon by 126.9% in the 4th quarter. State Street Corp now owns 4,652,185 shares of the company’s stock worth $23,354,000 after buying an additional 2,601,877 shares during the period. Nuveen LLC lifted its holdings in shares of Annexon by 327.1% during the fourth quarter. Nuveen LLC now owns 2,915,324 shares of the company’s stock worth $14,635,000 after buying an additional 2,232,766 shares during the last quarter. Finally, Balyasny Asset Management L.P. lifted its holdings in shares of Annexon by 154.3% during the fourth quarter. Balyasny Asset Management L.P. now owns 3,299,256 shares of the company’s stock worth $16,562,000 after buying an additional 2,001,996 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ANNX. HC Wainwright reaffirmed a “buy” rating and issued a $14.00 price target on shares of Annexon in a research note on Monday, July 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Annexon in a research report on Friday, July 17th. Citizens Jmp started coverage on shares of Annexon in a research report on Tuesday, July 21st. They set a “market underperform” rating and a $3.00 price objective on the stock. Needham & Company LLC upped their target price on Annexon from $11.00 to $25.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Finally, Citigroup assumed coverage on shares of Annexon in a research report on Tuesday, July 21st. They issued a “market underperform” rating for the company. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $15.33.

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.