Annexon (NASDAQ:ANNX) Trading Down 5.9% – Here’s Why

Annexon, Inc. (NASDAQ:ANNX)’s stock price was down 5.9% during trading on Thursday . The stock traded as low as $6.28 and last traded at $6.2850. Approximately 965,390 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 2,825,871 shares. The stock had previously closed at $6.68.

Analyst Ratings Changes

Several brokerages recently issued reports on ANNX. Wells Fargo & Company boosted their price target on Annexon from $14.00 to $27.00 and gave the company an “overweight” rating in a research note on Wednesday, November 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Annexon in a research note on Wednesday, October 8th. Chardan Capital initiated coverage on shares of Annexon in a report on Tuesday, December 23rd. They set a “buy” rating and a $16.00 target price on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Annexon in a research note on Wednesday. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Annexon Price Performance

The stock has a market capitalization of $743.52 million, a P/E ratio of -4.43 and a beta of 1.19. The company has a 50 day simple moving average of $4.54 and a 200-day simple moving average of $3.32.

Annexon (NASDAQ:ANNX) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.03). As a group, equities analysts forecast that Annexon, Inc. will post -0.96 earnings per share for the current fiscal year.

Insider Activity

In other Annexon news, Director Muneer A. Satter bought 422,613 shares of Annexon stock in a transaction on Friday, November 21st. The stock was acquired at an average price of $4.28 per share, with a total value of $1,808,783.64. Following the acquisition, the director owned 9,728,637 shares in the company, valued at approximately $41,638,566.36. This trade represents a 4.54% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jung Choi purchased 33,000 shares of the stock in a transaction dated Monday, December 1st. The shares were purchased at an average cost of $4.19 per share, for a total transaction of $138,270.00. Following the completion of the acquisition, the director directly owned 33,000 shares in the company, valued at approximately $138,270. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders bought 1,867,958 shares of company stock valued at $7,256,150. Corporate insiders own 11.87% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ANNX. AQR Capital Management LLC raised its position in shares of Annexon by 122.6% in the 1st quarter. AQR Capital Management LLC now owns 73,790 shares of the company’s stock worth $142,000 after acquiring an additional 40,637 shares in the last quarter. Jane Street Group LLC boosted its holdings in Annexon by 8.2% in the first quarter. Jane Street Group LLC now owns 99,924 shares of the company’s stock valued at $193,000 after purchasing an additional 7,553 shares during the last quarter. Acadian Asset Management LLC grew its holdings in Annexon by 31.1% during the first quarter. Acadian Asset Management LLC now owns 203,990 shares of the company’s stock worth $393,000 after acquiring an additional 48,345 shares during the period. Park Avenue Securities LLC grew its stake in shares of Annexon by 36.1% during the 2nd quarter. Park Avenue Securities LLC now owns 113,068 shares of the company’s stock worth $271,000 after purchasing an additional 30,000 shares during the period. Finally, J. Safra Sarasin Holding AG increased its holdings in Annexon by 49.9% in the second quarter. J. Safra Sarasin Holding AG now owns 381,441 shares of the company’s stock valued at $915,000 after buying an additional 126,903 shares in the last quarter.

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.