Annexon (NASDAQ:ANNX) Downgraded by Wall Street Zen to Sell

Annexon (NASDAQ:ANNX) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Sunday.

A number of other research analysts also recently issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Annexon in a research note on Monday, April 20th. The Goldman Sachs Group initiated coverage on Annexon in a report on Tuesday, May 12th. They issued a “neutral” rating and a $7.00 target price for the company. Finally, Chardan Capital reissued a “buy” rating and issued a $16.00 price target on shares of Annexon in a research note on Friday, March 20th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $16.00.

Annexon Stock Performance

Shares of NASDAQ ANNX traded down $0.14 during midday trading on Friday, reaching $5.80. The stock had a trading volume of 2,736,860 shares, compared to its average volume of 4,683,193. The company’s 50 day moving average price is $5.36 and its 200 day moving average price is $5.55. Annexon has a twelve month low of $2.03 and a twelve month high of $7.18. The firm has a market cap of $950.27 million, a price-to-earnings ratio of -4.75 and a beta of 1.16.

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

Insider Buying and Selling at Annexon

In related news, Director Muneer A. Satter acquired 613,497 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were purchased at an average price of $5.41 per share, for a total transaction of $3,319,018.77. Following the completion of the acquisition, the director owned 10,342,134 shares of the company’s stock, valued at approximately $55,950,944.94. This trade represents a 6.31% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Carson acquired 8,000 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were bought at an average cost of $5.78 per share, for a total transaction of $46,240.00. Following the transaction, the director directly owned 78,405 shares in the company, valued at approximately $453,180.90. This represents a 11.36% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 10.31% of the company’s stock.

Hedge Funds Weigh In On Annexon

A number of institutional investors have recently modified their holdings of ANNX. Redmile Group LLC raised its holdings in Annexon by 44.8% during the first quarter. Redmile Group LLC now owns 14,549,768 shares of the company’s stock worth $80,606,000 after buying an additional 4,499,124 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its position in shares of Annexon by 266.7% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 5,500,000 shares of the company’s stock worth $27,610,000 after acquiring an additional 4,000,000 shares in the last quarter. Siren L.L.C. bought a new stake in shares of Annexon during the first quarter worth about $21,931,000. Mak Capital One LLC acquired a new stake in shares of Annexon in the 4th quarter worth about $14,852,000. Finally, Bank of America Corp DE raised its holdings in shares of Annexon by 165.3% in the 1st quarter. Bank of America Corp DE now owns 4,259,995 shares of the company’s stock worth $23,600,000 after acquiring an additional 2,654,414 shares during the last quarter.

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.