Annexon (NASDAQ:ANNX) Trading 8.5% Higher on Insider Buying Activity

Shares of Annexon, Inc. (NASDAQ:ANNX) traded up 8.5% during trading on Wednesday following insider buying activity. The company traded as high as $6.37 and last traded at $6.2950. 1,551,927 shares traded 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 company’s stock in a transaction on Friday, April 10th. The stock was acquired at an average cost of $6.20 per share, for a total transaction of $49,600.00. Following the completion of the transaction, the director directly owned 70,405 shares in the company, 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 through 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 have weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Annexon in a research report on Wednesday, January 21st. Chardan Capital reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Annexon in a research note on Friday, March 20th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Annexon in a research note on Wednesday, January 14th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Annexon presently has a consensus rating of “Moderate Buy” and an average price target of $17.00.

Annexon Price Performance

The stock’s 50-day moving average is $5.45 and its two-hundred day moving average is $4.78. The stock has a market cap of $1.02 billion, a P/E ratio of -4.67 and a beta of 1.14.

Annexon (NASDAQ:ANNX) last issued its earnings results on Monday, March 30th. The company reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.04. On average, analysts anticipate that Annexon, Inc. will post -0.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Annexon

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in Annexon by 65.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,033 shares of the company’s stock valued at $35,000 after buying an additional 2,785 shares during the last quarter. Landscape Capital Management L.L.C. bought a new position in Annexon during the fourth quarter valued at approximately $50,000. CIBC Bancorp USA Inc. bought a new position in Annexon during the third quarter valued at approximately $31,000. Mercer Global Advisors Inc. ADV bought a new position in Annexon during the fourth quarter valued at approximately $52,000. Finally, Mount Vernon Associates Inc. MD bought a new position in Annexon during the fourth quarter valued at $53,000.

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.