Annexon (NASDAQ:ANNX) Receives “Buy” Rating from Chardan Capital

Annexon (NASDAQ:ANNX)‘s stock had its “buy” rating reaffirmed by investment analysts at Chardan Capital in a note issued to investors on Friday,Benzinga reports. They currently have a $16.00 price objective on the stock. Chardan Capital’s price objective indicates a potential upside of 191.44% from the company’s current price.

Several other analysts have also commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Annexon in a report on Wednesday, January 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Annexon in a research report on Wednesday, January 21st. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $17.00.

Annexon Stock Performance

ANNX opened at $5.49 on Friday. The company’s 50-day simple moving average is $5.74 and its two-hundred day simple moving average is $4.36. The stock has a market capitalization of $656.77 million, a P/E ratio of -3.89 and a beta of 1.15. Annexon has a 52-week low of $1.28 and a 52-week high of $7.18.

Insider Buying and Selling at Annexon

In other Annexon news, EVP Ted Yednock sold 7,857 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $5.11, for a total value of $40,149.27. Following the completion of the transaction, the executive vice president directly owned 97,227 shares in the company, valued at $496,829.97. This represents a 7.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William H. Carson acquired 8,000 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The shares were purchased at an average price of $5.67 per share, for a total transaction of $45,360.00. Following the completion of the transaction, the director directly owned 62,405 shares in the company, valued at approximately $353,836.35. This trade represents a 14.70% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have sold 32,513 shares of company stock valued at $165,973. 11.87% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd bought a new stake in Annexon in the fourth quarter worth $96,000. Invesco Ltd. lifted its stake in shares of Annexon by 381.5% in the 4th quarter. Invesco Ltd. now owns 972,449 shares of the company’s stock valued at $4,882,000 after purchasing an additional 770,504 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in shares of Annexon in the 4th quarter valued at approximately $52,000. XTX Topco Ltd boosted its holdings in shares of Annexon by 64.6% in the 4th quarter. XTX Topco Ltd now owns 243,313 shares of the company’s stock worth $1,221,000 after purchasing an additional 95,473 shares during the period. Finally, Ikarian Capital LLC bought a new position in shares of Annexon during the 4th quarter valued at approximately $1,156,000.

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.