Annexon (NASDAQ:ANNX) Shares Gap Up – Time to Buy?

Shares of Annexon, Inc. (NASDAQ:ANNX) gapped up prior to trading on Monday. The stock had previously closed at $3.41, but opened at $3.65. Annexon shares last traded at $3.6050, with a volume of 300,111 shares traded.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Annexon from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. Needham & Company LLC raised their target price on Annexon from $11.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Annexon in a research report on Monday, July 13th. Citizens Jmp upgraded Annexon from an “underperform” rating to a “market perform” rating in a research note on Thursday, August 13th. Finally, Citigroup began coverage on Annexon in a research note on Tuesday, July 21st. They set a “market underperform” rating on the stock. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $15.29.

Annexon Stock Performance

The firm’s 50 day simple moving average is $4.48 and its 200 day simple moving average is $5.15. The firm has a market capitalization of $672.06 million, a price-to-earnings ratio of -3.05 and a beta of 1.32.

Annexon (NASDAQ:ANNX) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.04). As a group, sell-side analysts forecast that Annexon, Inc. will post -1.05 earnings per share for the current year.

Insider Activity

In other Annexon news, CEO Douglas Love bought 26,065 shares of Annexon stock in a transaction that occurred on Thursday, September 24th. The stock was purchased at an average price of $3.83 per share, with a total value of $99,828.95. Following the completion of the acquisition, the chief executive officer directly owned 390,476 shares in the company, valued at approximately $1,495,523.08. This trade represents a 7.15% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 10.31% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Annexon

Several hedge funds have recently added to or reduced their stakes in ANNX. WINTON GROUP Ltd grew its position in Annexon by 98.3% during the 2nd quarter. WINTON GROUP Ltd now owns 47,800 shares of the company’s stock worth $273,000 after purchasing an additional 23,700 shares during the period. Engineers Gate Manager LP lifted its holdings in shares of Annexon by 83.2% in the 2nd quarter. Engineers Gate Manager LP now owns 319,057 shares of the company’s stock valued at $1,822,000 after buying an additional 144,916 shares during the period. Integrated Wealth Concepts LLC lifted its holdings in shares of Annexon by 32.3% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 13,537 shares of the company’s stock valued at $77,000 after buying an additional 3,305 shares during the period. Squarepoint Ops LLC lifted its holdings in shares of Annexon by 155.0% in the 2nd quarter. Squarepoint Ops LLC now owns 173,285 shares of the company’s stock valued at $989,000 after buying an additional 105,329 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Annexon in the 2nd quarter valued at about $310,000.

Annexon Company Profile

Annexon, Inc is a clinical-stage biopharmaceutical company developing therapies for diseases driven by activation of the classical complement pathway, an immune-system mechanism involved in inflammation and tissue damage. The company’s approach is designed to selectively inhibit complement activity while preserving other parts of the immune response.

Annexon’s pipeline has included ANX005, an investigational monoclonal antibody that targets C1q, an initiating protein in the classical complement pathway.