Annexon (NASDAQ:ANNX) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Annexon (NASDAQ:ANNX) in a research note issued to investors on Wednesday, Benzinga reports. Needham & Company LLC currently has a $16.00 price objective on the stock.

Several other research firms also recently weighed in on ANNX. Bank of America raised shares of Annexon from a neutral rating to a buy rating and lifted their target price for the stock from $4.00 to $6.00 in a research report on Thursday, December 21st. HC Wainwright reissued a buy rating and issued a $30.00 target price on shares of Annexon in a research report on Monday, March 4th. Finally, JPMorgan Chase & Co. upgraded shares of Annexon from a neutral rating to an overweight rating and set a $11.00 price target for the company in a report on Friday, March 1st. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of Buy and a consensus target price of $13.57.

Annexon Price Performance

Annexon stock opened at $7.81 on Wednesday. The firm’s 50 day simple moving average is $5.29 and its 200-day simple moving average is $3.65. The company has a market cap of $415.80 million, a P/E ratio of -4.11 and a beta of 1.10. Annexon has a fifty-two week low of $1.57 and a fifty-two week high of $8.40.

Insider Buying and Selling

In related news, CEO Douglas Love sold 5,782 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $5.54, for a total transaction of $32,032.28. Following the completion of the sale, 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 is accessible through the SEC website. Over the last three months, insiders sold 8,940 shares of company stock worth $49,514. 19.11% of the stock is owned by company insiders.

Institutional Trading of Annexon

A number of institutional investors have recently added to or reduced their stakes in the business. Bain Capital Life Sciences Investors LLC lifted its stake in Annexon by 41.4% in the fourth 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 during the last quarter. BVF Inc. IL acquired a new stake in Annexon in the fourth quarter valued at approximately $31,780,000. BlackRock Inc. lifted its stake in Annexon by 199.7% in the second 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 during the last quarter. Federated Hermes Inc. lifted its stake in Annexon by 50.7% in the first 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 during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Annexon by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 1,908,326 shares of the company’s stock valued at $8,664,000 after acquiring an additional 13,917 shares during the last quarter.

About Annexon

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.