Annexon (NASDAQ:ANNX) Stock Price Up 6.8% – Here’s What Happened

Annexon, Inc. (NASDAQ:ANNX) rose 6.8% on Monday . The stock traded as high as $5.57 and last traded at $5.51. Approximately 893,193 shares traded hands during trading, a decline of 65% from the average daily volume of 2,566,247 shares. The stock had previously closed at $5.16.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ANNX shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Annexon in a report on Wednesday, January 21st. Wells Fargo & Company boosted their target price on shares of Annexon from $14.00 to $27.00 and gave the company an “overweight” rating in a report on Wednesday, November 19th. Chardan Capital started coverage on shares of Annexon in a research report on Tuesday, December 23rd. They set a “buy” rating and a $16.00 price target for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Annexon in a research note on Wednesday, January 14th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Annexon presently has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Annexon Stock Down 0.5%

The stock has a market cap of $723.76 million, a PE ratio of -4.27 and a beta of 1.15. The company’s fifty day moving average is $5.67 and its 200 day moving average is $4.22.

Insider Activity

In other news, CFO Jennifer Lew sold 7,851 shares of the company’s 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 sale, the chief financial officer owned 113,765 shares of the company’s stock, valued at $581,339.15. This represents a 6.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jamie Dananberg sold 5,290 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $5.10, for a total value of $26,979.00. Following the completion of the sale, the insider owned 73,152 shares of the company’s stock, valued at approximately $373,075.20. This trade represents a 6.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 32,513 shares of company stock worth $165,973 in the last quarter. Insiders own 12.67% of the company’s stock.

Hedge Funds Weigh In On Annexon

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BVF Inc. IL grew its position in Annexon by 30.4% in the fourth quarter. BVF Inc. IL now owns 9,128,080 shares of the company’s stock valued at $45,823,000 after acquiring an additional 2,128,080 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Annexon by 8.7% during the third 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. lifted its position in shares of Annexon by 266.7% during the fourth 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 boosted its stake in shares of Annexon by 126.9% in the fourth quarter. State Street Corp now owns 4,652,185 shares of the company’s stock valued at $23,354,000 after purchasing an additional 2,601,877 shares during the period. Finally, Sio Capital Management LLC boosted its stake in shares of Annexon by 20.5% in the second quarter. Sio Capital Management LLC now owns 4,095,764 shares of the company’s stock valued at $9,830,000 after purchasing an additional 697,978 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.