Annexon (NASDAQ:ANNX) Shares Gap Up Following Insider Buying Activity

Annexon, Inc. (NASDAQ:ANNX) gapped up before the market opened on Monday following insider buying activity. The stock had previously closed at $3.64, but opened at $3.85. Annexon shares last traded at $3.8150, with a volume of 730,698 shares changing hands.

Specifically, CEO Douglas Love purchased 26,065 shares of the firm’s stock in a transaction that occurred on Thursday, September 24th. The stock was purchased at an average cost of $3.83 per share, with a total value of $99,828.95. Following the transaction, the chief executive officer owned 390,476 shares in the company, valued at approximately $1,495,523.08. This trade represents a 7.15% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.

Analyst Upgrades and Downgrades

Several research analysts have commented on ANNX shares. Cantor Fitzgerald reissued an “overweight” rating on shares of Annexon in a research report on Monday, July 13th. Needham & Company LLC raised their price target on shares of Annexon from $11.00 to $25.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. JPMorgan Chase & Co. raised their target price on Annexon from $10.00 to $14.00 and gave the company an “overweight” rating in a research note on Tuesday, September 1st. Citigroup began coverage on Annexon in a research report on Tuesday, July 21st. They set a “market underperform” rating on the stock. Finally, Citizens Jmp raised Annexon from an “underperform” rating to a “market perform” rating in a research report on Thursday, August 13th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Annexon currently has an average rating of “Hold” and an average target price of $15.14.

Annexon Stock Performance

The firm has a market cap of $782.97 million, a price-to-earnings ratio of -3.56 and a beta of 1.21. The business’s 50 day moving average price is $4.81 and its 200-day moving average price is $5.28.

Annexon (NASDAQ:ANNX) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.04). On average, analysts forecast that Annexon, Inc. will post -1.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Annexon

A number of institutional investors have recently made changes to their positions in ANNX. Integrated Wealth Concepts LLC raised its holdings in shares of Annexon by 32.3% during the second quarter. Integrated Wealth Concepts LLC now owns 13,537 shares of the company’s stock worth $77,000 after purchasing an additional 3,305 shares during the period. ProShare Advisors LLC boosted 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 valued at $124,000 after buying an additional 4,410 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Annexon by 3.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 134,786 shares of the company’s stock valued at $747,000 after buying an additional 4,684 shares during the period. ADAR1 Capital Management LLC boosted its holdings in shares of Annexon by 14.6% in the 1st quarter. ADAR1 Capital Management LLC now owns 55,000 shares of the company’s stock valued at $305,000 after buying an additional 7,000 shares during the period. Finally, Abel Hall LLC bought a new stake in shares of Annexon during the 1st quarter valued at about $61,000.

About Annexon

Annexon, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for diseases driven by the classical complement pathway, an immune system mechanism that can contribute to inflammation and the destruction of healthy cells. The company’s approach is designed to selectively inhibit complement activity while preserving other potentially beneficial immune functions.

Annexon’s lead programs include ANX005, an investigational monoclonal antibody that targets C1q and is being evaluated in immune-mediated and neuroinflammatory conditions, including Guillain-Barré syndrome.