Insider Buying: Annexon (NASDAQ:ANNX) Director Buys 500,000 Shares of Stock

Annexon, Inc. (NASDAQ:ANNX) Director Muneer Satter purchased 500,000 shares of the stock in a transaction on Monday, November 17th. The stock was acquired at an average cost of $2.99 per share, for a total transaction of $1,495,000.00. Following the acquisition, the director directly owned 7,906,024 shares in the company, valued at approximately $23,639,011.76. This trade represents a 6.75% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Annexon Stock Performance

Shares of ANNX stock traded up $0.86 during mid-day trading on Wednesday, reaching $4.06. The company’s stock had a trading volume of 10,629,728 shares, compared to its average volume of 1,729,495. The firm’s 50-day moving average is $3.02 and its two-hundred day moving average is $2.56. The company has a market cap of $485.71 million, a P/E ratio of -3.15 and a beta of 1.28. Annexon, Inc. has a 1-year low of $1.28 and a 1-year high of $5.66.

Annexon (NASDAQ:ANNX) last issued its earnings results on Monday, November 10th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.03). Sell-side analysts anticipate that Annexon, Inc. will post -0.96 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ANNX. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Annexon in a report on Wednesday, October 8th. Zacks Research raised Annexon from a “strong sell” rating to a “hold” rating in a research note on Monday, August 18th. Wells Fargo & Company upped their price target on Annexon from $14.00 to $27.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, HC Wainwright reissued a “buy” rating and set a $14.00 price objective on shares of Annexon in a report on Friday, August 15th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Annexon currently has an average rating of “Hold” and an average target price of $17.33.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ANNX. Woodline Partners LP raised its position in shares of Annexon by 150.4% during the third quarter. Woodline Partners LP now owns 2,638,275 shares of the company’s stock worth $8,047,000 after acquiring an additional 1,584,566 shares during the last quarter. Sio Capital Management LLC increased its position in Annexon by 20.5% in the second quarter. Sio Capital Management LLC now owns 4,095,764 shares of the company’s stock worth $9,830,000 after purchasing an additional 697,978 shares during the period. Vanguard Group Inc. increased its position in Annexon by 8.7% in the third quarter. Vanguard Group Inc. now owns 5,835,112 shares of the company’s stock worth $17,797,000 after purchasing an additional 469,073 shares during the period. Bank of America Corp DE raised its holdings in Annexon by 39.9% during the 2nd quarter. Bank of America Corp DE now owns 1,452,795 shares of the company’s stock worth $3,487,000 after purchasing an additional 414,071 shares during the last quarter. Finally, Rhenman & Partners Asset Management AB lifted its position in Annexon by 78.9% during the 3rd quarter. Rhenman & Partners Asset Management AB now owns 823,000 shares of the company’s stock valued at $2,510,000 after purchasing an additional 363,000 shares during the period.

Annexon Company Profile

Annexon, Inc, a clinical-stage biopharmaceutical company, discovers and develops medicines for treating inflammatory-related diseases. Its lead candidate is ANX005, an investigational full-length monoclonal antibody, which is in Phase 3 clinical trial for the treatment of patients with guillain-barré syndrome; completed Phase II clinical trial for treating Huntington's disease; and in Phase II clinical trial for the treatment of amyotrophic lateral sclerosis.