Annexon (NASDAQ:ANNX) Shares Up 5.7% – Here’s Why

Annexon, Inc. (NASDAQ:ANNX) traded up 5.7% during mid-day trading on Tuesday . The stock traded as high as $5.41 and last traded at $5.39. 1,002,607 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 1,814,112 shares. The stock had previously closed at $5.10.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on ANNX shares. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price objective on shares of Annexon in a research report on Friday, November 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $16.00 price target on shares of Annexon in a report on Friday, November 15th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Annexon in a report on Friday, November 15th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Annexon presently has an average rating of “Buy” and a consensus price target of $15.80.

Annexon Price Performance

The firm has a market cap of $563.86 million, a P/E ratio of -4.86 and a beta of 1.23. The stock’s 50 day moving average is $6.75 and its two-hundred day moving average is $5.95.

Insider Activity

In other news, EVP Ted Yednock sold 5,500 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $5.64, for a total value of $31,020.00. Following the sale, the executive vice president now owns 10,000 shares of the company’s stock, valued at approximately $56,400. This represents a 35.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders have sold 20,908 shares of company stock worth $135,768. Company insiders own 12.67% of the company’s stock.

Hedge Funds Weigh In On Annexon

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ANNX. Price T Rowe Associates Inc. MD increased its holdings in shares of Annexon by 10,482.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,323,704 shares of the company’s stock worth $9,492,000 after buying an additional 1,311,195 shares in the last quarter. Vanguard Group Inc. grew its holdings in Annexon by 96.4% during the 1st quarter. Vanguard Group Inc. now owns 3,747,655 shares of the company’s stock worth $26,871,000 after acquiring an additional 1,839,329 shares during the last quarter. Point72 Asset Management L.P. grew its holdings in Annexon by 16.1% during the 2nd quarter. Point72 Asset Management L.P. now owns 5,989,017 shares of the company’s stock worth $29,346,000 after acquiring an additional 832,617 shares during the last quarter. Point72 Europe London LLP acquired a new stake in Annexon in the 2nd quarter valued at about $1,150,000. Finally, Mutual of America Capital Management LLC bought a new position in shares of Annexon in the second quarter worth about $3,134,000.

About Annexon

Annexon, Inc, a clinical-stage biopharmaceutical company, discovers and develops medicines for treating inflammatory-related diseases. Its lead candidate is ANX005, an investigational full-length monoclonal antibody, which is in Phase 3 clinical trial for the treatment of patients with guillain-barré syndrome; completed Phase II clinical trial for treating Huntington's disease; and in Phase II clinical trial for the treatment of amyotrophic lateral sclerosis.