Annexon (NASDAQ:ANNX) Trading Down 7.8% – Here’s Why

Annexon, Inc. (NASDAQ:ANNX)’s share price dropped 7.8% during trading on Wednesday . The company traded as low as $4.80 and last traded at $4.7950. Approximately 986,013 shares changed hands during mid-day 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 commented on ANNX. Chardan Capital reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Annexon in a research report on Friday, March 20th. The Goldman Sachs Group began coverage on shares of Annexon in a research note on Tuesday, May 12th. They set a “neutral” rating and a $7.00 price target for the company. Wall Street Zen raised Annexon from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Annexon in a research report on Monday, April 20th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $16.00.

Annexon Price Performance

The company has a market capitalization of $770.05 million, a PE ratio of -3.85 and a beta of 1.18. The company’s fifty day moving average is $5.62 and its 200-day moving average is $5.45.

Annexon (NASDAQ:ANNX) last announced its earnings results on Thursday, May 7th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.07. Equities research analysts forecast that Annexon, Inc. will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Muneer A. Satter bought 613,497 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was bought 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 directly owned 10,342,134 shares of the company’s stock, valued at approximately $55,950,944.94. The trade was a 6.31% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Carson purchased 8,000 shares of the business’s stock in a transaction on Monday, May 11th. The stock was purchased at an average cost of $5.78 per share, for a total transaction of $46,240.00. Following the completion of the acquisition, the director directly owned 78,405 shares of the company’s stock, valued at approximately $453,180.90. The trade was 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. Insiders have purchased 629,497 shares of company stock valued at $3,414,859 in the last three months. 10.31% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Annexon

Institutional investors and hedge funds have recently made changes to their positions in the stock. CIBC Bancorp USA Inc. acquired a new stake in Annexon during the 3rd quarter worth about $31,000. Engineers Gate Manager LP acquired a new stake in Annexon in the 2nd quarter valued at $32,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings 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 valued at $35,000 after purchasing an additional 2,785 shares in the last quarter. Savant Capital LLC acquired a new position in shares of Annexon during the third quarter valued at approximately $40,000. Finally, Landscape Capital Management L.L.C. purchased a new position in shares of Annexon in the fourth quarter valued at approximately $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.