JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Annexon (NASDAQ:ANNX) Stock

Annexon (NASDAQ:ANNX) had its target price upped by JPMorgan Chase & Co. from $10.00 to $14.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 188.36% from the stock’s current price.

A number of other equities analysts also recently commented on ANNX. Needham & Company LLC boosted their price objective on shares of Annexon from $11.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. HC Wainwright reaffirmed a “buy” rating and set a $14.00 target price on shares of Annexon in a research report on Monday, July 20th. Citigroup assumed coverage on Annexon in a report on Tuesday, July 21st. They issued a “market underperform” rating on the stock. Wall Street Zen lowered Annexon from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Finally, The Goldman Sachs Group started coverage on Annexon in a research note on Tuesday, May 12th. They set a “neutral” rating and a $7.00 price objective for the company. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $15.14.

Annexon Price Performance

NASDAQ ANNX traded down $0.09 during trading on Tuesday, reaching $4.86. 690,715 shares of the company’s stock traded hands, compared to its average volume of 2,914,353. The firm has a market cap of $920.41 million, a price-to-earnings ratio of -4.19 and a beta of 1.18. The company’s 50 day simple moving average is $5.41 and its two-hundred day simple moving average is $5.43. Annexon has a 12-month low of $2.03 and a 12-month high of $7.18.

Annexon (NASDAQ:ANNX) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Research analysts expect that Annexon will post -1.01 earnings per share for the current fiscal year.

Institutional Trading of Annexon

Institutional investors have recently bought and sold shares of the stock. Y Intercept Hong Kong Ltd acquired a new position in Annexon during the 1st quarter valued at approximately $7,312,000. Bank of America Corp DE grew its holdings in shares of Annexon by 165.3% during the first quarter. Bank of America Corp DE now owns 4,259,995 shares of the company’s stock valued at $23,600,000 after buying an additional 2,654,414 shares during the last quarter. Swiss National Bank acquired a new position in shares of Annexon in the 1st quarter valued at $1,307,000. Siren L.L.C. acquired a new position in shares of Annexon in the 1st quarter valued at $21,931,000. Finally, Redmile Group LLC increased its position in shares of Annexon by 44.8% in the 1st quarter. Redmile Group LLC now owns 14,549,768 shares of the company’s stock valued at $80,606,000 after acquiring an additional 4,499,124 shares during the period.

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.