Annexon (NASDAQ:ANNX) Trading 8.5% Higher Following Insider Buying Activity
by Doug Wharley · The Cerbat GemAnnexon, Inc. (NASDAQ:ANNX – Get Free Report) traded up 8.5% on Wednesday following insider buying activity. The stock traded as high as $6.37 and last traded at $6.2950. 1,551,927 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 2,614,496 shares. The stock had previously closed at $5.80.
Specifically, Director William H. Carson purchased 8,000 shares of the firm’s stock in a transaction that occurred on Friday, April 10th. The stock was acquired at an average price of $6.20 per share, for a total transaction of $49,600.00. Following the transaction, the director directly owned 70,405 shares of the company’s stock, valued at $436,511. This trade represents a 12.82% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Annexon in a research report on Wednesday, January 14th. Chardan Capital reiterated a “buy” rating and issued a $16.00 price target on shares of Annexon in a research report on Friday, March 20th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Annexon in a research report on Wednesday, January 21st. Five investment 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 MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $17.00.
View Our Latest Stock Analysis on Annexon
Annexon Stock Performance
The firm has a 50 day moving average of $5.45 and a 200-day moving average of $4.77. The stock has a market capitalization of $1.01 billion, a PE ratio of -4.63 and a beta of 1.14.
Annexon (NASDAQ:ANNX – Get Free Report) last announced its quarterly earnings data on Monday, March 30th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.32) by $0.04. On average, sell-side analysts predict that Annexon, Inc. will post -0.96 earnings per share for the current year.
Institutional Investors Weigh In On Annexon
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. BVF Inc. IL raised its stake in shares of Annexon by 30.4% during the 4th quarter. BVF Inc. IL now owns 9,128,080 shares of the company’s stock worth $45,823,000 after purchasing an additional 2,128,080 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Annexon by 8.7% during the 3rd 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 in the last quarter. Adage Capital Partners GP L.L.C. raised its stake in shares of Annexon by 266.7% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 5,500,000 shares of the company’s stock worth $27,610,000 after purchasing an additional 4,000,000 shares in the last quarter. State Street Corp raised its stake in shares of Annexon by 126.9% during the 4th quarter. State Street Corp now owns 4,652,185 shares of the company’s stock worth $23,354,000 after purchasing an additional 2,601,877 shares in the last quarter. Finally, Balyasny Asset Management L.P. raised its stake in shares of Annexon by 154.3% during the 4th quarter. Balyasny Asset Management L.P. now owns 3,299,256 shares of the company’s stock worth $16,562,000 after purchasing an additional 2,001,996 shares in the last quarter.
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.