Annexon (NASDAQ:ANNX) Shares Down 4.6% – Here’s What Happened

Annexon, Inc. (NASDAQ:ANNX)’s share price fell 4.6% on Tuesday. The company traded as low as $3.83 and last traded at $3.8250. Approximately 1,864,518 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 2,995,185 shares. The stock had previously closed at $4.01.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Wall Street Zen lowered Annexon from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Needham & Company LLC raised their target price on shares of Annexon from $11.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Annexon in a research report on Monday, July 13th. JPMorgan Chase & Co. boosted their price target on shares of Annexon from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 30th. Finally, Citizens Jmp upgraded shares of Annexon from an “underperform” rating to a “market perform” rating in a report on Thursday, August 13th. Six 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. Based on data from MarketBeat, Annexon currently has an average rating of “Hold” and an average price target of $15.29.

Annexon Stock Performance

The business’s 50-day moving average is $4.45 and its two-hundred day moving average is $5.14. The firm has a market capitalization of $725.14 million, a price-to-earnings ratio of -3.30 and a beta of 1.32.

Annexon (NASDAQ:ANNX) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Analysts forecast that Annexon, Inc. will post -1.05 EPS for the current year.

Insider Buying and Selling at Annexon

In other news, CEO Douglas Love purchased 26,065 shares of the firm’s stock in a transaction dated Thursday, September 24th. The stock was bought at an average price of $3.83 per share, with a total value of $99,828.95. Following the acquisition, the chief executive officer directly owned 390,476 shares of the company’s stock, valued at approximately $1,495,523.08. This represents a 7.15% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 10.31% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ANNX. Redmile Group LLC raised its holdings in Annexon by 44.8% during the 1st quarter. Redmile Group LLC now owns 14,549,768 shares of the company’s stock worth $80,606,000 after buying an additional 4,499,124 shares during the period. BlackRock Inc. acquired a new position in shares of Annexon in the second quarter valued at approximately $77,312,000. Bank of America Corp DE increased its position in shares of Annexon by 165.3% during the first quarter. Bank of America Corp DE now owns 4,259,995 shares of the company’s stock worth $23,600,000 after acquiring an additional 2,654,414 shares in the last quarter. Siren L.L.C. bought a new stake in shares of Annexon during the first quarter worth $21,931,000. Finally, Palo Alto Investors LP bought a new stake in shares of Annexon during the second quarter worth $16,833,594.

About Annexon

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.