Annexon (NASDAQ:ANNX) Stock Price Up 9.5% – Time to Buy?

Annexon, Inc. (NASDAQ:ANNX) shares traded up 9.5% during mid-day trading on Wednesday . The stock traded as high as $6.68 and last traded at $6.7440. 1,685,557 shares were traded during trading, a decline of 38% from the average session volume of 2,732,673 shares. The stock had previously closed at $6.16.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on ANNX shares. Chardan Capital began coverage on shares of Annexon in a report on Tuesday, December 23rd. They issued a “buy” rating and a $16.00 price target on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Annexon in a research report on Wednesday, October 8th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Annexon in a research note on Wednesday, January 14th. Finally, Wells Fargo & Company boosted their price target on shares of Annexon from $14.00 to $27.00 and gave the company an “overweight” rating in a research report on Wednesday, November 19th. Five 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 data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Annexon Stock Performance

The stock’s 50-day moving average price is $4.80 and its two-hundred day moving average price is $3.42. The stock has a market capitalization of $819.49 million, a PE ratio of -4.86 and a beta of 1.19.

Annexon (NASDAQ:ANNX) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.03). On average, analysts predict that Annexon, Inc. will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Muneer A. Satter purchased 422,613 shares of the company’s stock in a transaction dated Friday, November 21st. The shares were purchased at an average cost of $4.28 per share, with a total value of $1,808,783.64. Following the transaction, the director directly owned 9,728,637 shares in the company, valued at $41,638,566.36. This trade represents a 4.54% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jung Choi purchased 33,000 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The stock was bought at an average price of $4.19 per share, for a total transaction of $138,270.00. Following the purchase, the director directly owned 33,000 shares in the company, valued at $138,270. The trade was a ? increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders bought 1,867,958 shares of company stock worth $7,256,150. Insiders own 11.87% of the company’s stock.

Hedge Funds Weigh In On Annexon

Several institutional investors and hedge funds have recently modified their holdings of the stock. Woodline Partners LP raised its position in shares of Annexon by 150.4% in the 3rd quarter. Woodline Partners LP now owns 2,638,275 shares of the company’s stock worth $8,047,000 after purchasing an additional 1,584,566 shares during the last quarter. Sio Capital Management LLC grew its position in Annexon by 20.5% during the 2nd quarter. Sio Capital Management LLC now owns 4,095,764 shares of the company’s stock valued at $9,830,000 after purchasing an additional 697,978 shares during the last quarter. Vanguard Group Inc. increased its stake in Annexon by 8.7% during the 3rd quarter. Vanguard Group Inc. now owns 5,835,112 shares of the company’s stock valued at $17,797,000 after purchasing an additional 469,073 shares in the last quarter. Bank of America Corp DE increased its stake in Annexon by 39.9% during the 2nd quarter. Bank of America Corp DE now owns 1,452,795 shares of the company’s stock valued at $3,487,000 after purchasing an additional 414,071 shares in the last quarter. Finally, Rhenman & Partners Asset Management AB raised its holdings in Annexon by 78.9% in the third quarter. Rhenman & Partners Asset Management AB now owns 823,000 shares of the company’s stock worth $2,510,000 after buying an additional 363,000 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.