Annexon (NASDAQ:ANNX) Shares Down 8.2% – Here’s What Happened

Annexon, Inc. (NASDAQ:ANNX)’s share price was down 8.2% on Wednesday . The stock traded as low as $5.93 and last traded at $5.90. Approximately 5,133,804 shares changed hands during mid-day trading, an increase of 78% from the average session volume of 2,887,156 shares. The stock had previously closed at $6.43.

Wall Street Analyst Weigh In

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

Annexon Price Performance

The business has a fifty day moving average price of $5.36 and a 200 day moving average price of $5.54. The company has a market capitalization of $977.31 million, a price-to-earnings ratio of -4.88 and a beta of 1.16.

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

Insider Activity at Annexon

In other Annexon news, Director Muneer A. Satter purchased 613,497 shares of the firm’s stock in a transaction on Thursday, May 28th. The shares were purchased at an average price of $5.41 per share, for a total transaction of $3,319,018.77. Following the completion of the purchase, the director directly owned 10,342,134 shares of the company’s stock, valued at approximately $55,950,944.94. This represents a 6.31% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William H. Carson acquired 8,000 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was acquired at an average price of $5.78 per share, with a total value of $46,240.00. Following the purchase, the director owned 78,405 shares in the company, valued at approximately $453,180.90. This represents a 11.36% increase in their position. The SEC filing for this purchase provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders acquired 629,497 shares of company stock valued at $3,414,859. Insiders own 10.31% of the company’s stock.

Institutional Investors Weigh In On Annexon

Institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC lifted its position in shares of Annexon by 13.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 19,553 shares of the company’s stock worth $100,000 after buying an additional 2,348 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Annexon by 65.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,033 shares of the company’s stock worth $35,000 after acquiring an additional 2,785 shares in the last quarter. Susquehanna Portfolio Strategies LLC lifted its holdings in shares of Annexon by 0.8% during the fourth quarter. Susquehanna Portfolio Strategies LLC now owns 356,619 shares of the company’s stock valued at $1,790,000 after acquiring an additional 2,875 shares during the period. ProShare Advisors LLC grew its holdings in shares of Annexon by 21.7% in the 4th quarter. ProShare Advisors LLC now owns 24,698 shares of the company’s stock worth $124,000 after purchasing an additional 4,410 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Annexon by 3.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 134,786 shares of the company’s stock worth $747,000 after purchasing an additional 4,684 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.