Annexon (NASDAQ:ANNX) Issues Earnings Results

Annexon (NASDAQ:ANNX) posted its quarterly earnings data on Wednesday. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.05), FiscalAI reports.

Here are the key takeaways from Annexon’s conference call:

• Tanruprubart showed rapid improvement in GBS patients: all 10 patients in the initial FORWARD cohort improved within four days, including recovery of walking ability in four bed-bound patients and ventilator weaning in one patient. Annexon plans to include the data in its U.S. BLA submission, still targeted for the fourth quarter of 2026.
• Annexon expanded the ARCHER II geographic atrophy trial to include an independent month-24 dual primary endpoint while maintaining the month-15 endpoint. Management said strong enrollment, patient retention, dosing compliance, and trial execution provide sufficient power for both time points.
• The month-15 ARCHER II assessment remains expected in the fourth quarter of 2026, but patient-level data will remain masked if the trial continues to month 24. A month-15 success could lead to sub-study results in the first quarter of 2027, while completion of the full month-24 analysis is expected in the third quarter of 2027.
• Annexon secured an Oxford Finance credit facility providing access to up to $200 million in non-dilutive capital, which management said extends its cash runway into 2028 and supports regulatory preparation and potential global commercialization.

Annexon Price Performance

NASDAQ:ANNX traded up $0.01 during trading hours on Wednesday, hitting $5.35. The company’s stock had a trading volume of 1,604,452 shares, compared to its average volume of 2,937,160. The stock has a fifty day simple moving average of $5.35 and a 200-day simple moving average of $5.54. The company has a market capitalization of $876.56 million, a P/E ratio of -4.39 and a beta of 1.18. Annexon has a twelve month low of $2.03 and a twelve month high of $7.18.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Wall Street Zen downgraded Annexon from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Annexon in a research report on Friday, July 17th. HC Wainwright reaffirmed a “buy” rating and issued a $14.00 price target on shares of Annexon in a research note on Monday, July 20th. Citigroup began coverage on shares of Annexon in a research report on Tuesday, July 21st. They set a “market underperform” rating for the company. Finally, Needham & Company LLC increased their price objective on shares of Annexon from $11.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $15.33.

Insider Transactions at Annexon

In other Annexon news, Director Muneer A. Satter bought 613,497 shares of the stock in a transaction on Thursday, May 28th. The stock was purchased 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 $55,950,944.94. The trade was a 6.31% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 10.31% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Annexon

A number of hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC increased its position in Annexon by 122.6% during the 1st quarter. AQR Capital Management LLC now owns 73,790 shares of the company’s stock worth $142,000 after purchasing an additional 40,637 shares in the last quarter. Jane Street Group LLC boosted its position in Annexon by 8.2% in the first quarter. Jane Street Group LLC now owns 99,924 shares of the company’s stock valued at $193,000 after buying an additional 7,553 shares in the last quarter. Acadian Asset Management LLC grew its stake in shares of Annexon by 31.1% during the first quarter. Acadian Asset Management LLC now owns 203,990 shares of the company’s stock worth $393,000 after buying an additional 48,345 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Annexon by 1.8% during the second quarter. Geode Capital Management LLC now owns 2,284,773 shares of the company’s stock worth $5,484,000 after buying an additional 39,763 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in shares of Annexon by 6.6% during the second quarter. American Century Companies Inc. now owns 211,195 shares of the company’s stock worth $507,000 after buying an additional 13,001 shares during the last quarter.

Key Headlines Impacting Annexon

Here are the key news stories impacting Annexon this week:

• Positive Sentiment: Annexon reported rapid improvements in strength and disability among the first 10 patients in its FORWARD study of tanruprubart for Guillain-Barré syndrome. The company expects to submit a Biologics License Application in the fourth quarter of 2026, creating a significant upcoming catalyst. Annexon Reports Second Quarter 2026 Financial Results, Business Updates and Key Anticipated Milestones
• Positive Sentiment: The company expanded its Phase 3 ARCHER II trial of vonaprument in geographic atrophy by adding a Month 24 endpoint alongside the existing Month 15 endpoint. This gives the program two independent opportunities to demonstrate vision-loss protection, with Month 15 results expected in the fourth quarter of 2026. Annexon also launched a long-term open-label extension study. Annexon Expands Vonaprument Phase 3 Program in Geographic Atrophy
• Positive Sentiment: Annexon secured access to a credit facility of up to $200 million, including $50 million drawn initially, extending its expected operating runway into 2028. This reduces near-term funding risk as the company approaches multiple clinical and regulatory milestones.
• Neutral Sentiment: Unusually heavy call-option activity—2,592 contracts, or 244% above average—suggested increased bullish positioning among options traders, though such activity does not guarantee sustained buying in the shares.
• Negative Sentiment: Second-quarter adjusted results came in at a loss of $0.28 per share, missing the $0.23 consensus estimate. Net loss increased to $55.3 million from $49.2 million a year earlier, while research and development expenses rose to $46.6 million, underscoring Annexon’s continued cash burn and dependence on financing.

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.