Chardan Capital Reaffirms Buy Rating for Annexon (NASDAQ:ANNX)

Annexon (NASDAQ:ANNX)‘s stock had its “buy” rating reiterated by stock analysts at Chardan Capital in a research note issued to investors on Friday,Benzinga reports. They presently have a $16.00 price target on the stock. Chardan Capital’s price target points to a potential upside of 213.11% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Annexon in a research note on Wednesday, January 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Annexon in a report on Wednesday, January 21st. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Annexon presently has a consensus rating of “Moderate Buy” and an average target price of $17.00.

Annexon Price Performance

Shares of ANNX stock opened at $5.11 on Friday. The firm has a market capitalization of $611.31 million, a price-to-earnings ratio of -3.62 and a beta of 1.15. Annexon has a 12-month low of $1.28 and a 12-month high of $7.18. The business has a 50 day simple moving average of $5.74 and a 200 day simple moving average of $4.40.

Insider Activity at Annexon

In other Annexon news, EVP Michael Overdorf sold 6,225 shares of the company’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $5.10, for a total transaction of $31,747.50. Following the completion of the sale, the executive vice president directly owned 124,464 shares in the company, valued at $634,766.40. This represents a 4.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jennifer Lew sold 7,851 shares of Annexon stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $5.11, for a total value of $40,118.61. Following the completion of the transaction, the chief financial officer owned 113,765 shares in the company, valued at $581,339.15. The trade was a 6.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 32,513 shares of company stock valued at $165,973. 11.87% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Adage Capital Partners GP L.L.C. raised its stake in 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 valued at $27,610,000 after purchasing an additional 4,000,000 shares during the last quarter. Mak Capital One LLC acquired a new stake in Annexon in the 4th quarter worth $14,852,000. State Street Corp grew its position in Annexon by 126.9% in 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 during the last quarter. Nuveen LLC increased its holdings in shares of Annexon by 327.1% during the 4th quarter. Nuveen LLC now owns 2,915,324 shares of the company’s stock worth $14,635,000 after purchasing an additional 2,232,766 shares during the period. Finally, BVF Inc. IL raised its position in shares of Annexon by 30.4% during the fourth quarter. BVF Inc. IL now owns 9,128,080 shares of the company’s stock valued at $45,823,000 after buying an additional 2,128,080 shares during the last quarter.

About Annexon

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.