Annexon (NASDAQ:ANNX) Stock Price Down 8.1% – Should You Sell?

Annexon, Inc. (NASDAQ:ANNX) dropped 8.1% during mid-day trading on Thursday . The company traded as low as $5.54 and last traded at $5.5440. Approximately 479,969 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 2,513,008 shares. The stock had previously closed at $6.03.

Analyst Ratings Changes

Several analysts recently commented on the stock. Chardan Capital assumed coverage on shares of Annexon in a report on Tuesday, December 23rd. They set a “buy” rating and a $16.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Annexon in a research report on Wednesday, January 21st. Wells Fargo & Company lifted their target price on shares of Annexon from $14.00 to $27.00 and gave the company an “overweight” rating in a research note on Wednesday, November 19th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Annexon in a report on Wednesday, January 14th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Annexon currently has a consensus rating of “Moderate Buy” and an average target price of $17.00.

Annexon Trading Down 9.3%

The stock has a fifty day moving average price of $5.69 and a 200 day moving average price of $4.23. The firm has a market cap of $654.27 million, a price-to-earnings ratio of -3.88 and a beta of 1.15.

Insider Transactions at Annexon

In other news, EVP Ted Yednock sold 7,857 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $5.11, for a total value of $40,149.27. Following the sale, the executive vice president directly owned 97,227 shares of the company’s stock, valued at approximately $496,829.97. This trade represents a 7.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jamie Dananberg sold 5,290 shares of Annexon stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $5.10, for a total value of $26,979.00. Following the completion of the transaction, the insider owned 73,152 shares in the company, valued at $373,075.20. The trade was a 6.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 32,513 shares of company stock worth $165,973. Corporate insiders own 11.87% of the company’s stock.

Institutional Trading of Annexon

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ANNX. BVF Inc. IL increased its position in Annexon by 30.4% in the 4th quarter. BVF Inc. IL now owns 9,128,080 shares of the company’s stock worth $45,823,000 after buying an additional 2,128,080 shares during the period. Vanguard Group Inc. grew its stake in shares of Annexon by 8.7% in the third quarter. Vanguard Group Inc. now owns 5,835,112 shares of the company’s stock worth $17,797,000 after acquiring an additional 469,073 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its stake in shares of Annexon by 266.7% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 5,500,000 shares of the company’s stock worth $27,610,000 after acquiring an additional 4,000,000 shares during the last quarter. State Street Corp increased its position in Annexon by 126.9% during the fourth quarter. State Street Corp now owns 4,652,185 shares of the company’s stock worth $23,354,000 after acquiring an additional 2,601,877 shares during the period. Finally, Sio Capital Management LLC raised its stake in Annexon by 20.5% during the 2nd quarter. Sio Capital Management LLC now owns 4,095,764 shares of the company’s stock valued at $9,830,000 after purchasing an additional 697,978 shares during the last quarter.

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.