Needham & Company LLC Increases Annexon (NASDAQ:ANNX) Price Target to $25.00

Annexon (NASDAQ:ANNX) had its price objective increased by stock analysts at Needham & Company LLC from $11.00 to $25.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 350.45% from the company’s previous close.

ANNX has been the subject of several other research reports. Wall Street Zen downgraded shares of Annexon from a “hold” rating to a “sell” rating in a research report on Sunday. Cantor Fitzgerald reissued an “overweight” rating on shares of Annexon in a research report on Monday. Chardan Capital restated a “buy” rating and issued a $16.00 target price on shares of Annexon in a research note on Friday, March 20th. The Goldman Sachs Group began coverage on shares of Annexon in a report on Tuesday, May 12th. They set a “neutral” rating and a $7.00 price target for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Annexon in a research note on Monday, April 20th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $17.80.

Annexon Stock Performance

ANNX stock opened at $5.55 on Wednesday. Annexon has a 1 year low of $2.03 and a 1 year high of $7.18. The firm has a market cap of $909.31 million, a P/E ratio of -4.55 and a beta of 1.16. The stock has a 50-day simple moving average of $5.35 and a 200-day simple moving average of $5.56.

Annexon (NASDAQ:ANNX) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.07. On average, equities research analysts predict that Annexon will post -0.92 EPS for the current year.

Insider Buying and Selling

In other Annexon news, Director William H. Carson bought 8,000 shares of the business’s stock in a transaction on Monday, May 11th. The shares were bought at an average cost of $5.78 per share, with a total value of $46,240.00. Following the transaction, the director directly owned 78,405 shares in the company, valued at approximately $453,180.90. This trade represents a 11.36% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Muneer A. Satter bought 613,497 shares of Annexon 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 purchase, the director owned 10,342,134 shares in the company, valued at approximately $55,950,944.94. The trade was a 6.31% increase in their position. The disclosure for this purchase is available in the SEC filing. 10.31% of the stock is owned by company insiders.

Institutional Trading of Annexon

A number of hedge funds and other institutional investors have recently made changes to their positions in ANNX. Mirae Asset Global Investments Co. Ltd. raised 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 acquiring an additional 2,785 shares in the last quarter. Landscape Capital Management L.L.C. acquired a new position in Annexon during the 4th quarter worth $50,000. CIBC Bancorp USA Inc. bought a new stake in shares of Annexon in the 3rd quarter worth about $31,000. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Annexon in the 4th quarter valued at about $52,000. Finally, Mount Vernon Associates Inc. MD bought a new position in shares of Annexon during the fourth quarter worth about $53,000.

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.