Annexon (NASDAQ:ANNX) Shares Down 8.1% – Here’s What Happened

Annexon, Inc. (NASDAQ:ANNX)’s stock price was down 8.1% on Thursday . The stock traded as low as $5.54 and last traded at $5.5440. Approximately 479,969 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 2,513,008 shares. The stock had previously closed at $6.03.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Chardan Capital started coverage on shares of Annexon in a research report on Tuesday, December 23rd. They set a “buy” rating and a $16.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Annexon in a research note on Wednesday, January 21st. Wells Fargo & Company raised their target price on Annexon from $14.00 to $27.00 and gave the stock an “overweight” rating in a report on Wednesday, November 19th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Annexon in a research note on Wednesday, January 14th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Annexon Trading Up 4.0%

The company has a market cap of $677.11 million, a PE ratio of -4.01 and a beta of 1.15. The business’s 50 day moving average is $5.72 and its two-hundred day moving average is $4.27.

Insider Activity

In related news, EVP Dean Richard Artis sold 5,290 shares of Annexon stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $5.10, for a total transaction of $26,979.00. Following the sale, the executive vice president owned 123,487 shares of the company’s stock, valued at approximately $629,783.70. This trade represents a 4.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Overdorf sold 6,225 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $5.10, for a total value of $31,747.50. Following the completion of the transaction, the executive vice president directly owned 124,464 shares in the company, valued at approximately $634,766.40. This represents a 4.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 32,513 shares of company stock valued at $165,973 in the last three months. 11.87% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Annexon

Several institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC lifted its stake in 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 purchasing an additional 40,637 shares in the last quarter. Jane Street Group LLC grew its position in shares of Annexon by 8.2% during 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 in the last quarter. Acadian Asset Management LLC grew its position in shares of Annexon by 31.1% during the first quarter. Acadian Asset Management LLC now owns 203,990 shares of the company’s stock valued at $393,000 after purchasing an additional 48,345 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Annexon in the second quarter worth about $48,000. Finally, Geode Capital Management LLC lifted its position in shares of Annexon by 1.8% in the second quarter. Geode Capital Management LLC now owns 2,284,773 shares of the company’s stock worth $5,484,000 after buying an additional 39,763 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.