Annexon (NASDAQ:ANNX) Shares Up 10.2% – Should You Buy?
by Sarita Garza · The Markets DailyAnnexon, Inc. (NASDAQ:ANNX – Get Free Report) shares shot up 10.2% during mid-day trading on Wednesday . The stock traded as high as $5.41 and last traded at $5.5120. 457,965 shares were traded during mid-day trading, a decline of 83% from the average session volume of 2,635,848 shares. The stock had previously closed at $5.00.
Analyst Upgrades and Downgrades
ANNX has been the topic of a number of recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Annexon in a report on Wednesday, January 21st. Cantor Fitzgerald reissued an “overweight” rating on shares of Annexon in a report on Wednesday, January 14th. Finally, Chardan Capital restated a “buy” rating and set a $16.00 price target on shares of Annexon in a research note on Friday, March 20th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $17.00.
View Our Latest Report on ANNX
Annexon Stock Up 6.1%
The firm has a market capitalization of $634.64 million, a price-to-earnings ratio of -3.78 and a beta of 1.15. The company’s 50 day moving average price is $5.71 and its 200 day moving average price is $4.46.
Insider Activity at Annexon
In related news, EVP Dean Richard Artis sold 5,290 shares of Annexon stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $5.10, for a total transaction of $26,979.00. Following the completion of the sale, the executive vice president owned 123,487 shares of the company’s stock, valued at $629,783.70. The trade was a 4.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Ted Yednock sold 7,857 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $5.11, for a total value of $40,149.27. Following the completion of the sale, the executive vice president owned 97,227 shares in the company, valued at approximately $496,829.97. This represents a 7.48% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 32,513 shares of company stock worth $165,973 in the last quarter. 12.67% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. CIBC Bancorp USA Inc. acquired a new stake in Annexon during the 3rd quarter worth about $31,000. Engineers Gate Manager LP acquired a new stake in Annexon during the second quarter worth about $32,000. SG Americas Securities LLC purchased a new position in Annexon during the third quarter valued at approximately $34,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Annexon by 65.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,033 shares of the company’s stock valued at $35,000 after acquiring an additional 2,785 shares during the period. Finally, Savant Capital LLC purchased a new stake in Annexon in the 3rd quarter worth approximately $40,000.
Annexon Company Profile
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.