Annexon (NASDAQ:ANNX) Shares Down 7.8% – Should You Sell?

Annexon, Inc. (NASDAQ:ANNX)’s share price was down 7.8% during mid-day trading on Wednesday . The company traded as low as $4.80 and last traded at $4.7950. Approximately 986,013 shares traded hands during trading, a decline of 61% from the average daily volume of 2,543,133 shares. The stock had previously closed at $5.20.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ANNX. Weiss Ratings restated a “sell (d-)” rating on shares of Annexon in a report on Monday, April 20th. The Goldman Sachs Group began coverage on Annexon in a report on Tuesday, May 12th. They set a “neutral” rating and a $7.00 target price on the stock. Wall Street Zen upgraded Annexon from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Chardan Capital restated a “buy” rating and set a $16.00 target price on shares of Annexon in a report on Friday, March 20th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $16.00.

Annexon Stock Performance

The stock has a market cap of $779.06 million, a PE ratio of -3.91 and a beta of 1.18. The company’s 50-day moving average price is $5.64 and its 200 day moving average price is $5.44.

Annexon (NASDAQ:ANNX) last posted its earnings results on Thursday, May 7th. The company reported ($0.23) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.07. As a group, equities research analysts predict that Annexon, Inc. will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Muneer A. Satter acquired 613,497 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were acquired at an average price of $5.41 per share, with a total value of $3,319,018.77. Following the completion of the transaction, the director owned 10,342,134 shares of the company’s stock, valued at $55,950,944.94. The trade was a 6.31% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 of the company’s stock, valued at approximately $453,180.90. This trade represents a 11.36% increase in their position. 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. In the last three months, insiders acquired 629,497 shares of company stock worth $3,414,859. 10.31% of the stock is owned by corporate insiders.

Institutional Trading of Annexon

Several hedge funds have recently added to or reduced their stakes in ANNX. CIBC Bancorp USA Inc. purchased a new position in Annexon in the third quarter valued at $31,000. Engineers Gate Manager LP purchased a new position in Annexon in the second quarter valued at $32,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in Annexon by 65.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,033 shares of the company’s stock valued at $35,000 after buying an additional 2,785 shares during the last quarter. Savant Capital LLC purchased a new position in Annexon in the third quarter valued at $40,000. Finally, Landscape Capital Management L.L.C. purchased a new position in Annexon in the fourth quarter valued at $50,000.

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.