Palo Alto Investors LP Buys Shares of 2,948,090 Annexon, Inc. $ANNX

Palo Alto Investors LP acquired a new position in shares of Annexon, Inc. (NASDAQ:ANNX) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 2,948,090 shares of the company’s stock, valued at approximately $16,833,594. Annexon comprises about 0.0% of Palo Alto Investors LP’s investment portfolio, making the stock its 15th largest holding. Palo Alto Investors LP owned 1.56% of Annexon as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. CIBC Bancorp USA Inc. bought a new stake in shares of Annexon in the third quarter valued at approximately $31,000. Engineers Gate Manager LP purchased a new position in shares of Annexon in the 2nd quarter worth approximately $32,000. Landscape Capital Management L.L.C. purchased a new stake in Annexon in the fourth quarter valued at approximately $50,000. Mercer Global Advisors Inc. ADV purchased a new stake in Annexon in the fourth quarter worth $52,000. Finally, Russell Investments Group Ltd. purchased a new position in shares of Annexon during the 3rd quarter worth $56,000.

Annexon Price Performance

Annexon stock traded down $0.28 during midday trading on Friday, hitting $4.97. 1,617,732 shares of the stock were exchanged, compared to its average volume of 2,930,951. Annexon, Inc. has a 1 year low of $2.03 and a 1 year high of $7.18. The firm has a market cap of $942.21 million, a P/E ratio of -4.28 and a beta of 1.18. The company has a 50 day moving average price of $5.41 and a two-hundred day moving average price of $5.44.

Annexon (NASDAQ:ANNX) last released its earnings results on Wednesday, August 12th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). As a group, analysts predict that Annexon, Inc. will post -1.01 EPS for the current year.

Wall Street Analysts Forecast Growth

ANNX has been the topic of several research analyst reports. The Goldman Sachs Group started coverage on Annexon in a report on Tuesday, May 12th. They issued a “neutral” rating and a $7.00 price objective on the stock. Wall Street Zen downgraded Annexon from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Cantor Fitzgerald restated an “overweight” rating on shares of Annexon in a research note on Monday, July 13th. Needham & Company LLC upped their price target on Annexon from $11.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Annexon in a research report on Friday, July 17th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Annexon has a consensus rating of “Hold” and a consensus price target of $15.33.

Annexon Profile

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.