Annexon (NASDAQ:ANNX) Shares Gap Up on Insider Buying Activity

Annexon, Inc. (NASDAQ:ANNX) shares gapped up before the market opened on Monday following insider buying activity. The stock had previously closed at $5.42, but opened at $5.92. Annexon shares last traded at $5.5480, with a volume of 532,253 shares changing hands.

Specifically, Director Muneer A. Satter bought 613,497 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was bought at an average price of $5.41 per share, with a total value of $3,319,018.77. Following the completion of the transaction, the director directly owned 10,342,134 shares of the company’s stock, valued at approximately $55,950,944.94. The trade was a 6.31% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Annexon in a research report on Monday, April 20th. Chardan Capital reaffirmed a “buy” rating and set a $16.00 target price on shares of Annexon in a research report on Friday, March 20th. Wall Street Zen upgraded Annexon from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, The Goldman Sachs Group initiated coverage on shares of Annexon in a report on Tuesday, May 12th. They set a “neutral” rating and a $7.00 price objective on the stock. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Annexon has a consensus rating of “Hold” and a consensus price target of $16.00.

Annexon Stock Performance

The company has a 50 day moving average of $5.63 and a 200 day moving average of $5.33. The stock has a market capitalization of $890.80 million, a price-to-earnings ratio of -4.44 and a beta of 1.18.

Annexon (NASDAQ:ANNX) last announced its earnings results on Thursday, May 7th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.07. On average, equities analysts predict that Annexon, Inc. will post -0.92 EPS for the current fiscal year.

Hedge Funds Weigh In On Annexon

Institutional investors and hedge funds have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC grew its stake in Annexon by 13.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 19,553 shares of the company’s stock valued at $100,000 after acquiring an additional 2,348 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Annexon by 65.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,033 shares of the company’s stock worth $35,000 after purchasing an additional 2,785 shares in the last quarter. Susquehanna Portfolio Strategies LLC boosted its holdings in shares of Annexon by 0.8% during the 4th quarter. Susquehanna Portfolio Strategies LLC now owns 356,619 shares of the company’s stock worth $1,790,000 after purchasing an additional 2,875 shares during the last quarter. ProShare Advisors LLC grew its position in shares of Annexon by 21.7% in the fourth quarter. ProShare Advisors LLC now owns 24,698 shares of the company’s stock valued at $124,000 after purchasing an additional 4,410 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Annexon by 3.6% in the first quarter. The Manufacturers Life Insurance Company now owns 134,786 shares of the company’s stock valued at $747,000 after purchasing an additional 4,684 shares in 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.