Annexon (NASDAQ:ANNX) Trading Up 10.2% – What’s Next?

Annexon, Inc. (NASDAQ:ANNX)’s stock price was up 10.2% on Wednesday . The stock traded as high as $5.41 and last traded at $5.5120. 457,965 shares traded hands during trading, a decline of 83% from the average daily volume of 2,635,848 shares. The stock had previously closed at $5.00.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Annexon in a report on Wednesday, January 21st. Chardan Capital reissued a “buy” rating and issued a $16.00 price objective on shares of Annexon in a research report on Friday, March 20th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Annexon in a research note on Wednesday, January 14th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Annexon currently has a consensus rating of “Moderate Buy” and an average price target of $17.00.

Annexon Stock Performance

The firm has a market capitalization of $634.64 million, a PE ratio of -3.78 and a beta of 1.15. The company has a fifty day simple moving average of $5.71 and a two-hundred day simple moving average of $4.46.

Insider Activity at Annexon

In other Annexon news, EVP Michael Overdorf sold 6,225 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $5.10, for a total transaction of $31,747.50. Following the transaction, the executive vice president directly owned 124,464 shares in the company, valued at $634,766.40. This represents a 4.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ted Yednock sold 7,857 shares of the business’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $5.11, for a total transaction of $40,149.27. Following the completion of the sale, the executive vice president owned 97,227 shares of the company’s stock, valued at approximately $496,829.97. This represents a 7.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 32,513 shares of company stock worth $165,973 over the last quarter. Corporate insiders own 12.67% of the company’s stock.

Hedge Funds Weigh In On Annexon

A number of large investors have recently bought and sold shares of the business. Adage Capital Partners GP L.L.C. lifted its holdings in 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 buying an additional 4,000,000 shares during the period. Mak Capital One LLC bought a new position in shares of Annexon in the 4th quarter worth $14,852,000. State Street Corp raised its position in shares of Annexon by 126.9% in the 4th quarter. State Street Corp now owns 4,652,185 shares of the company’s stock worth $23,354,000 after acquiring an additional 2,601,877 shares in the last quarter. Nuveen LLC lifted its stake in shares of Annexon by 327.1% during the 4th quarter. Nuveen LLC now owns 2,915,324 shares of the company’s stock worth $14,635,000 after purchasing an additional 2,232,766 shares during the last quarter. Finally, BVF Inc. IL lifted its stake in shares of Annexon by 30.4% during the 4th quarter. BVF Inc. IL now owns 9,128,080 shares of the company’s stock worth $45,823,000 after purchasing an additional 2,128,080 shares during 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.