Annexon (NASDAQ:ANNX) Sets New 52-Week High – Should You Buy?

Annexon, Inc. (NASDAQ:ANNX)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $6.88 and last traded at $6.85, with a volume of 2990505 shares changing hands. The stock had previously closed at $6.16.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ANNX. Weiss Ratings reissued a “sell (d-)” rating on shares of Annexon in a research report on Wednesday. Chardan Capital started coverage on shares of Annexon in a report on Tuesday, December 23rd. They issued a “buy” rating and a $16.00 target price for the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Annexon in a research report on Wednesday, January 14th. Finally, Wells Fargo & Company boosted their price target on shares of Annexon from $14.00 to $27.00 and gave the stock an “overweight” rating in a report on Wednesday, November 19th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Annexon Trading Down 2.6%

The stock has a market capitalization of $811.09 million, a PE ratio of -4.81 and a beta of 1.19. The firm has a 50-day moving average price of $5.04 and a 200-day moving average price of $3.50.

Annexon (NASDAQ:ANNX) last posted its quarterly 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 expect that Annexon, Inc. will post -0.96 earnings per share for the current fiscal year.

Insider Activity at Annexon

In other news, Director Jung Choi bought 33,000 shares of the firm’s stock in a transaction on Monday, December 1st. The stock was acquired at an average cost of $4.19 per share, with a total value of $138,270.00. Following the completion of the transaction, the director directly owned 33,000 shares of the company’s stock, valued at $138,270. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Muneer A. Satter purchased 422,613 shares of the company’s stock in a transaction dated Friday, November 21st. The shares were purchased at an average cost of $4.28 per share, for a total transaction of $1,808,783.64. Following the transaction, the director directly owned 9,728,637 shares in the company, valued at approximately $41,638,566.36. The trade was a 4.54% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have bought 1,867,958 shares of company stock valued at $7,256,150. 11.87% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Annexon

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ANNX. Wealth Enhancement Advisory Services LLC boosted its position in Annexon by 13.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 19,553 shares of the company’s stock worth $100,000 after purchasing an additional 2,348 shares during the period. Citizens Financial Group Inc. RI lifted its stake in shares of Annexon by 14.3% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 40,000 shares of the company’s stock valued at $122,000 after buying an additional 5,000 shares in the last quarter. CWM LLC boosted its holdings in Annexon by 32.4% in the 3rd quarter. CWM LLC now owns 23,488 shares of the company’s stock worth $72,000 after buying an additional 5,754 shares during the period. Comerica Bank raised its holdings in Annexon by 26.4% during the 3rd quarter. Comerica Bank now owns 32,357 shares of the company’s stock valued at $99,000 after acquiring an additional 6,750 shares during the period. Finally, Jane Street Group LLC raised its holdings in Annexon by 8.2% during the 1st quarter. Jane Street Group LLC now owns 99,924 shares of the company’s stock valued at $193,000 after acquiring an additional 7,553 shares during the period.

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.