Short Interest in Annexon, Inc. (NASDAQ:ANNX) Drops By 8.1%

Annexon, Inc. (NASDAQ:ANNX) was the target of a large decrease in short interest in November. As of November 15th, there was short interest totalling 7,140,000 shares, a decrease of 8.1% from the October 31st total of 7,770,000 shares. Based on an average trading volume of 1,350,000 shares, the days-to-cover ratio is currently 5.3 days.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ANNX. HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Annexon in a research note on Friday, November 15th. Needham & Company LLC reaffirmed a “buy” rating and set a $16.00 target price on shares of Annexon in a report on Friday, November 15th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Annexon in a research note on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Annexon currently has an average rating of “Buy” and a consensus price target of $15.80.

Annexon Trading Up 0.9 %

ANNX opened at $5.39 on Monday. The stock has a 50-day moving average of $6.61 and a 200 day moving average of $5.97. Annexon has a 12 month low of $2.27 and a 12 month high of $8.40. The firm has a market cap of $574.54 million, a P/E ratio of -5.13 and a beta of 1.23.

Insider Activity at Annexon

In related news, EVP Ted Yednock sold 4,500 shares of Annexon stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $7.10, for a total value of $31,950.00. Following the completion of the sale, the executive vice president now owns 71,365 shares of the company’s stock, valued at $506,691.50. The trade was a 5.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last three months, insiders have sold 15,408 shares of company stock valued at $103,043. 12.67% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Sandia Investment Management LP purchased a new position in shares of Annexon during the 2nd quarter worth about $49,000. Victory Capital Management Inc. purchased a new position in shares of Annexon during the second quarter valued at approximately $51,000. Principal Financial Group Inc. bought a new position in shares of Annexon during the second quarter valued at approximately $56,000. Comerica Bank purchased a new stake in shares of Annexon in the first quarter worth approximately $72,000. Finally, Quarry LP bought a new stake in shares of Annexon during the 3rd quarter worth approximately $118,000.

Annexon Company Profile

Annexon, Inc, a clinical-stage biopharmaceutical company, discovers and develops medicines for treating inflammatory-related diseases. Its lead candidate is ANX005, an investigational full-length monoclonal antibody, which is in Phase 3 clinical trial for the treatment of patients with guillain-barré syndrome; completed Phase II clinical trial for treating Huntington's disease; and in Phase II clinical trial for the treatment of amyotrophic lateral sclerosis.