Annexon (NASDAQ:ANNX) Issues Earnings Results, Misses Estimates By $0.05 EPS

Annexon (NASDAQ:ANNX) issued its earnings results on Wednesday. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.05), FiscalAI reports.

Here are the key takeaways from Annexon’s conference call:

• Tanruprubart showed rapid improvement in GBS patients: all 10 patients in the initial FORWARD cohort improved within four days, including recovery of walking ability in four bed-bound patients and ventilator weaning in one patient. Annexon plans to include the data in its U.S. BLA submission, still targeted for the fourth quarter of 2026.
• Annexon expanded the ARCHER II geographic atrophy trial to include an independent month-24 dual primary endpoint while maintaining the month-15 endpoint. Management said strong enrollment, patient retention, dosing compliance, and trial execution provide sufficient power for both time points.
• The month-15 ARCHER II assessment remains expected in the fourth quarter of 2026, but patient-level data will remain masked if the trial continues to month 24. A month-15 success could lead to sub-study results in the first quarter of 2027, while completion of the full month-24 analysis is expected in the third quarter of 2027.
• Annexon secured an Oxford Finance credit facility providing access to up to $200 million in non-dilutive capital, which management said extends its cash runway into 2028 and supports regulatory preparation and potential global commercialization.

Annexon Stock Performance

NASDAQ:ANNX traded up $0.01 during mid-day trading on Wednesday, hitting $5.35. 1,604,452 shares of the stock were exchanged, compared to its average volume of 2,937,160. The firm’s 50-day simple moving average is $5.35 and its 200 day simple moving average is $5.54. The stock has a market capitalization of $876.56 million, a price-to-earnings ratio of -4.39 and a beta of 1.18. Annexon has a fifty-two week low of $2.03 and a fifty-two week high of $7.18.

Insider Buying and Selling

In other news, Director Muneer A. Satter acquired 613,497 shares of the firm’s stock in a transaction on Thursday, May 28th. The shares were purchased at an average cost of $5.41 per share, with a total value of $3,319,018.77. Following the acquisition, the director directly owned 10,342,134 shares in the company, valued at $55,950,944.94. This represents a 6.31% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 10.31% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Annexon

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in 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 acquiring an additional 469,073 shares during the period. Adage Capital Partners GP L.L.C. boosted its holdings in Annexon by 266.7% in 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 period. State Street Corp grew its position 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. Balyasny Asset Management L.P. grew its position 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. Finally, Mak Capital One LLC acquired a new position in shares of Annexon during the 4th quarter worth approximately $14,852,000.

Analyst Ratings Changes

ANNX has been the topic of several recent analyst reports. Citigroup began coverage on shares of Annexon in a research note on Tuesday, July 21st. They set a “market underperform” rating on the stock. Citizens Jmp started coverage on shares of Annexon in a research note on Tuesday, July 21st. They issued a “market underperform” rating and a $3.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Annexon in a report on Friday, July 17th. The Goldman Sachs Group started coverage on Annexon in a research report on Tuesday, May 12th. They set a “neutral” rating and a $7.00 price target on the stock. Finally, Wall Street Zen lowered Annexon from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Annexon has an average rating of “Hold” and an average target price of $15.33.

Key Stories Impacting Annexon

Here are the key news stories impacting Annexon this week:

• Positive Sentiment: Annexon reported rapid improvements in strength and disability among the first 10 patients in its FORWARD study of tanruprubart for Guillain-Barré syndrome. The company expects to submit a Biologics License Application in the fourth quarter of 2026, creating a significant upcoming catalyst. Annexon Reports Second Quarter 2026 Financial Results, Business Updates and Key Anticipated Milestones
• Positive Sentiment: The company expanded its Phase 3 ARCHER II trial of vonaprument in geographic atrophy by adding a Month 24 endpoint alongside the existing Month 15 endpoint. This gives the program two independent opportunities to demonstrate vision-loss protection, with Month 15 results expected in the fourth quarter of 2026. Annexon also launched a long-term open-label extension study. Annexon Expands Vonaprument Phase 3 Program in Geographic Atrophy
• Positive Sentiment: Annexon secured access to a credit facility of up to $200 million, including $50 million drawn initially, extending its expected operating runway into 2028. This reduces near-term funding risk as the company approaches multiple clinical and regulatory milestones.
• Neutral Sentiment: Unusually heavy call-option activity—2,592 contracts, or 244% above average—suggested increased bullish positioning among options traders, though such activity does not guarantee sustained buying in the shares.
• Negative Sentiment: Second-quarter adjusted results came in at a loss of $0.28 per share, missing the $0.23 consensus estimate. Net loss increased to $55.3 million from $49.2 million a year earlier, while research and development expenses rose to $46.6 million, underscoring Annexon’s continued cash burn and dependence on financing.

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.