Annexon (NASDAQ:ANNX) Shares Down 7.4% – Here’s What Happened

Shares of Annexon, Inc. (NASDAQ:ANNX) were down 7.4% during trading on Thursday . The company traded as low as $4.05 and last traded at $4.0450. Approximately 2,075,215 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 2,904,342 shares. The stock had previously closed at $4.37.

Analysts Set New Price Targets

ANNX has been the topic of a number of research reports. Cantor Fitzgerald restated an “overweight” rating on shares of Annexon in a research report on Monday, July 13th. Wall Street Zen cut Annexon from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. JPMorgan Chase & Co. lifted their price target on shares of Annexon from $10.00 to $14.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 1st. Citigroup started coverage on shares of Annexon in a research note on Tuesday, July 21st. They set a “market underperform” rating on the stock. Finally, Citizens Jmp raised shares of Annexon from an “underperform” rating to a “market perform” rating in a report on Thursday, August 13th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Annexon presently has a consensus rating of “Hold” and an average target price of $15.14.

Annexon Trading Down 4.8%

The firm has a market cap of $746.94 million, a P/E ratio of -3.40 and a beta of 1.21. The company’s fifty day moving average price is $5.26 and its two-hundred day moving average price is $5.40.

Annexon (NASDAQ:ANNX) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.04). On average, analysts predict that Annexon, Inc. will post -1.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of ANNX. AQR Capital Management LLC boosted its holdings in shares of Annexon by 122.6% in the 1st quarter. AQR Capital Management LLC now owns 73,790 shares of the company’s stock worth $142,000 after acquiring an additional 40,637 shares in the last quarter. Jane Street Group LLC increased 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 purchasing an additional 7,553 shares in the last quarter. Acadian Asset Management LLC raised its position in Annexon by 31.1% in the 1st quarter. Acadian Asset Management LLC now owns 203,990 shares of the company’s stock valued at $393,000 after purchasing an additional 48,345 shares during the last quarter. Geode Capital Management LLC raised its position in Annexon by 1.8% in the 2nd quarter. Geode Capital Management LLC now owns 2,284,773 shares of the company’s stock valued at $5,484,000 after purchasing an additional 39,763 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in Annexon by 6.6% in the second quarter. American Century Companies Inc. now owns 211,195 shares of the company’s stock worth $507,000 after purchasing an additional 13,001 shares in 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.