HC Wainwright Reiterates Buy Rating for Annexon (NASDAQ:ANNX)

HC Wainwright restated their buy rating on shares of Annexon (NASDAQ:ANNX) in a report released on Wednesday morning, Benzinga reports. The firm currently has a $30.00 target price on the stock. HC Wainwright also issued estimates for Annexon’s Q1 2024 earnings at ($0.35) EPS, Q2 2024 earnings at ($0.37) EPS, Q3 2024 earnings at ($0.38) EPS, Q4 2024 earnings at ($0.40) EPS, FY2024 earnings at ($1.50) EPS, FY2025 earnings at ($1.06) EPS, FY2026 earnings at ($0.15) EPS, FY2027 earnings at $0.53 EPS and FY2028 earnings at $1.17 EPS.

Several other brokerages have also recently commented on ANNX. Bank of America upgraded Annexon from a neutral rating to a buy rating and increased their target price for the stock from $4.00 to $6.00 in a report on Thursday, December 21st. Needham & Company LLC reiterated a buy rating and issued a $16.00 price target on shares of Annexon in a report on Wednesday. Finally, JPMorgan Chase & Co. raised Annexon from a neutral rating to an overweight rating and set a $11.00 target price on the stock in a research note on Friday, March 1st. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of Buy and an average price target of $14.14.

Annexon Price Performance

Annexon stock opened at $7.17 on Wednesday. The stock has a fifty day moving average price of $5.40 and a two-hundred day moving average price of $3.71. The firm has a market capitalization of $381.73 million, a P/E ratio of -4.03 and a beta of 1.10. Annexon has a 52-week low of $1.57 and a 52-week high of $8.40.

Insider Activity at Annexon

In other Annexon news, CEO Douglas Love sold 5,782 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $5.54, for a total value of $32,032.28. Following the completion of the transaction, the chief executive officer now directly owns 196,121 shares in the company, valued at $1,086,510.34. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last quarter, insiders have sold 8,940 shares of company stock valued at $49,514. 19.11% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. BVF Inc. IL bought a new stake in Annexon in the 4th quarter valued at $31,780,000. Bain Capital Life Sciences Investors LLC raised its holdings in Annexon by 41.4% in the 4th quarter. Bain Capital Life Sciences Investors LLC now owns 8,061,719 shares of the company’s stock valued at $36,600,000 after acquiring an additional 2,359,793 shares in the last quarter. BlackRock Inc. raised its holdings in Annexon by 199.7% in the 2nd quarter. BlackRock Inc. now owns 3,479,896 shares of the company’s stock valued at $12,249,000 after acquiring an additional 2,318,780 shares in the last quarter. Federated Hermes Inc. raised its holdings in Annexon by 50.7% in the 1st quarter. Federated Hermes Inc. now owns 3,052,651 shares of the company’s stock valued at $8,334,000 after acquiring an additional 1,027,051 shares in the last quarter. Finally, Kennedy Capital Management LLC acquired a new position in Annexon in the 3rd quarter valued at $2,306,000.

Annexon Company Profile

Annexon, Inc, a clinical-stage biopharmaceutical company, discovers and develops therapeutics for autoimmune, neurodegenerative, and ophthalmic disorders. The company's C1q is an initiating molecule of the classical complement pathway that targets distinct disease processes, such as antibody-mediated autoimmune disease and complement-mediated neurodegeneration.