Annexon (NASDAQ:ANNX) Shares Gap Up – What’s Next?

Shares of Annexon, Inc. (NASDAQ:ANNX) gapped up before the market opened on Monday. The stock had previously closed at $3.41, but opened at $3.65. Annexon shares last traded at $3.6050, with a volume of 300,111 shares.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. HC Wainwright reissued a “buy” rating and issued a $14.00 target price on shares of Annexon in a report on Monday, July 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Annexon in a research note on Thursday, October 15th. Needham & Company LLC raised their price target on Annexon from $11.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. Citizens Jmp raised Annexon from an “underperform” rating to a “market perform” rating in a research report on Thursday, August 13th. Finally, Wall Street Zen lowered Annexon from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $15.29.

Annexon Trading Down 4.5%

The company has a 50 day moving average price of $4.42 and a 200 day moving average price of $5.13.

Annexon (NASDAQ:ANNX) last issued its quarterly earnings results 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). As a group, research analysts forecast that Annexon, Inc. will post -1.05 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Douglas Love acquired 26,065 shares of the business’s stock in a transaction on Thursday, September 24th. The stock was bought at an average price of $3.83 per share, for a total transaction of $99,828.95. Following the transaction, the chief executive officer owned 390,476 shares in the company, valued at $1,495,523.08. This represents a 7.15% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 10.31% of the company’s stock.

Institutional Trading of Annexon

Several hedge funds and other institutional investors have recently made changes to their positions in ANNX. Integrated Wealth Concepts LLC increased its position in Annexon by 32.3% during the 2nd 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. The Manufacturers Life Insurance Company lifted 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 lifted 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. Abel Hall LLC acquired a new stake in shares of Annexon in the 1st quarter valued at approximately $61,000. Finally, Forefront Analytics LLC acquired a new stake in shares of Annexon in the 2nd quarter valued at approximately $81,000.

Annexon Company Profile

Annexon, Inc is a clinical-stage biopharmaceutical company developing therapies for diseases driven by activation of the classical complement pathway, an immune-system mechanism involved in inflammation and tissue damage. The company’s approach is designed to selectively inhibit complement activity while preserving other parts of the immune response.

Annexon’s pipeline has included ANX005, an investigational monoclonal antibody that targets C1q, an initiating protein in the classical complement pathway.