JPMorgan Chase & Co. Boosts Annexon (NASDAQ:ANNX) Price Target to $14.00

Annexon (NASDAQ:ANNX) had its target price raised by research analysts at JPMorgan Chase & Co. from $10.00 to $14.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 188.36% from the company’s previous close.

Several other equities analysts also recently commented on the stock. Citizens Jmp upgraded shares of Annexon from an “underperform” rating to a “market perform” rating in a report on Thursday, August 13th. Needham & Company LLC raised their price objective on shares of Annexon from $11.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. Wall Street Zen lowered Annexon from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Annexon in a research note on Friday, July 17th. Finally, Citigroup assumed coverage on Annexon in a report on Tuesday, July 21st. They issued a “market underperform” rating on the stock. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Annexon currently has an average rating of “Hold” and a consensus target price of $15.14.

Annexon Stock Performance

NASDAQ ANNX traded down $0.09 on Tuesday, hitting $4.86. 690,715 shares of the stock were exchanged, compared to its average volume of 2,914,353. The stock has a fifty day moving average price of $5.41 and a two-hundred day moving average price of $5.43. The firm has a market capitalization of $920.41 million, a P/E ratio of -4.19 and a beta of 1.18. Annexon has a 52-week low of $2.03 and a 52-week high of $7.18.

Annexon (NASDAQ:ANNX) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Sell-side analysts expect that Annexon will post -1.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Annexon

Several large investors have recently added to or reduced their stakes in ANNX. BlackRock Inc. purchased a new position in shares of Annexon during the second quarter worth approximately $77,312,000. Redmile Group LLC grew its stake in Annexon by 44.8% in the first quarter. Redmile Group LLC now owns 14,549,768 shares of the company’s stock worth $80,606,000 after purchasing an additional 4,499,124 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its holdings in Annexon by 266.7% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 5,500,000 shares of the company’s stock worth $27,610,000 after purchasing an additional 4,000,000 shares during the period. Siren L.L.C. purchased a new position in Annexon during the 1st quarter worth $21,931,000. Finally, Mak Capital One LLC purchased a new position in Annexon during the 4th quarter worth $14,852,000.

Annexon Company Profile

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.