Annexon (NASDAQ:ANNX) Releases Earnings Results, Misses Estimates By $0.04 EPS

Annexon (NASDAQ:ANNX) released its earnings results on Wednesday. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.04), 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 opened at $5.33 on Thursday. Annexon has a 52-week low of $2.03 and a 52-week high of $7.18. The stock has a market cap of $873.27 million, a P/E ratio of -4.37 and a beta of 1.18. The firm has a 50 day moving average price of $5.35 and a 200 day moving average price of $5.53.

Annexon News Roundup

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 the 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, providing a potentially important regulatory catalyst. Annexon Reports Second Quarter 2026 Financial Results, Business Updates and Key Anticipated Milestones
• Positive Sentiment: The company expanded the Phase 3 ARCHER II trial of vonaprument in geographic atrophy by adding a Month 24 dual primary endpoint alongside the Month 15 endpoint. This gives the study two independent efficacy time points while preserving the Month 15 data readout expected in the fourth quarter of 2026. An open-label extension study will assess longer-term safety and potential vision-preservation benefits. Annexon Expands Vonaprument Phase 3 Program
• Positive Sentiment: Annexon secured access to a credit facility of up to $200 million, with $50 million initially drawn. Combined with $209.2 million in cash, cash equivalents and short-term investments at June 30, management expects funding to support operations and milestones into 2028.
• Neutral Sentiment: Unusually high call-option activity and reported insider purchases suggest some bullish positioning, but these trading signals do not establish future clinical or commercial success.
• Negative Sentiment: Second-quarter adjusted results were weaker than expected: Annexon posted a loss of $0.28 per share versus the $0.24 consensus estimate. The net loss increased to $55.3 million from $49.2 million a year earlier, while research and development expenses rose to $46.6 million. The earnings shortfall appears to be the immediate reason shares came under pressure. Annexon shares fall as second-quarter loss exceeds Wall Street forecasts
• Negative Sentiment: Annexon remains an unprofitable, clinical-stage biotechnology company dependent on financing and successful trial results. The added Month 24 ARCHER II analysis extends the full data timeline into the third quarter of 2027, leaving investors exposed to development and regulatory risks beyond the nearer-term Month 15 readout.

Analysts Set New Price Targets

Several equities analysts recently commented on ANNX shares. Wall Street Zen lowered Annexon from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th. Needham & Company LLC boosted their target price on shares of Annexon from $11.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Weiss Ratings reissued 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 note on Tuesday, July 21st. They issued a “market underperform” rating and a $3.00 price objective on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Annexon in a report on Monday, July 13th. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Annexon presently has an average rating of “Hold” and a consensus target price of $15.33.

Insiders Place Their Bets

In other news, Director Muneer A. Satter purchased 613,497 shares of Annexon stock in a transaction dated Thursday, May 28th. The shares were bought at an average cost 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 in the company, valued at $55,950,944.94. This trade represents a 6.31% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 10.31% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC increased its holdings in shares of Annexon by 122.6% in the first 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 raised its holdings in Annexon by 8.2% during the 1st quarter. Jane Street Group LLC now owns 99,924 shares of the company’s stock worth $193,000 after buying an additional 7,553 shares during the period. Acadian Asset Management LLC lifted its stake in Annexon by 31.1% in the first quarter. Acadian Asset Management LLC now owns 203,990 shares of the company’s stock valued at $393,000 after buying an additional 48,345 shares in the last quarter. Geode Capital Management LLC boosted its holdings 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 valued at $5,484,000 after buying an additional 39,763 shares during the period. Finally, American Century Companies Inc. increased its position in shares of Annexon by 6.6% during the second quarter. American Century Companies Inc. now owns 211,195 shares of the company’s stock worth $507,000 after acquiring an additional 13,001 shares in 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.