Annexon (NASDAQ:ANNX) Shares Down 5.9% – Time to Sell?

Annexon, Inc. (NASDAQ:ANNX) shares dropped 5.9% during mid-day trading on Thursday . The stock traded as low as $6.28 and last traded at $6.2850. Approximately 965,390 shares changed hands during trading, a decline of 66% from the average daily volume of 2,825,871 shares. The stock had previously closed at $6.68.

Wall Street Analysts Forecast Growth

ANNX has been the topic of a number of recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Annexon in a research report on Wednesday, October 8th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Annexon in a research report on Wednesday. Wells Fargo & Company lifted their price objective on Annexon from $14.00 to $27.00 and gave the company an “overweight” rating in a research note on Wednesday, November 19th. Finally, Chardan Capital started coverage on shares of Annexon in a report on Tuesday, December 23rd. They issued a “buy” rating and a $16.00 price objective for the company. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Annexon has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Annexon Stock Down 7.0%

The business has a 50 day moving average of $4.54 and a 200 day moving average of $3.32. The firm has a market cap of $743.52 million, a price-to-earnings ratio of -4.43 and a beta of 1.19.

Annexon (NASDAQ:ANNX) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.03). Research analysts predict that Annexon, Inc. will post -0.96 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Jung Choi bought 33,000 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was bought at an average price of $4.19 per share, for a total transaction of $138,270.00. Following the transaction, the director owned 33,000 shares in the company, valued at $138,270. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Muneer A. Satter purchased 422,613 shares of Annexon stock in a transaction dated Friday, November 21st. The stock was acquired at an average price of $4.28 per share, for a total transaction of $1,808,783.64. Following the completion of the transaction, the director owned 9,728,637 shares in the company, valued at approximately $41,638,566.36. The trade was a 4.54% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders purchased 1,867,958 shares of company stock valued at $7,256,150. Insiders own 11.87% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ANNX. CIBC Bancorp USA Inc. acquired a new position in Annexon during the 3rd quarter valued at about $31,000. SG Americas Securities LLC purchased a new position in Annexon in the 3rd quarter worth about $34,000. Matauro LLC acquired a new stake in shares of Annexon during the second quarter valued at approximately $27,000. 49 Wealth Management LLC purchased a new stake in shares of Annexon in the second quarter valued at $29,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new position in Annexon during the 2nd quarter valued at about $29,000.

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.