HC Wainwright Reiterates Buy Rating on Annexon

HC Wainwright has reaffirmed its "buy" rating for Annexon (NASDAQ:ANNX) in a report published on Tuesday. The research firm has set a price target of $30.00 for the company's shares. This price target indicates a substantial potential upside of approximately 492.89% compared to the current stock price.

In addition to HC Wainwright, several other analysts have offered their insights on Annexon. For instance, Cantor Fitzgerald maintained an "overweight" rating for the shares in a report released on November 15th. Similarly, Needham & Company LLC reiterated a "buy" rating and assigned a price target of $16.00 for Annexon on the same day. According to MarketBeat, a total of six equity research analysts have assigned a buy rating to the stock, resulting in an average rating of "Buy" and a consensus price target of $15.80.

Annexon Stock Overview

On Tuesday, Annexon's stock opened at $5.06. The company's stock has experienced a 52-week low of $2.68 and a 52-week high of $8.40. The 50-day simple moving average stands at $6.35, while the 200-day simple moving average is $5.98. Annexon has a market capitalization of approximately $539.37 million, a P/E ratio of -4.82, and a beta of 1.10.

Insider Transactions

In other corporate news, Ted Yednock, the Executive Vice President of Annexon, sold 5,408 shares on October 15th for an average price of $7.41, amounting to a total of $40,073.28. Following this transaction, he now holds 71,365 shares in the company, valued at $528,814.65, representing a decrease of 7.04% in his position. This sale was disclosed in a filing with the Securities and Exchange Commission.

Institutional Investor Activity

Several hedge funds and institutional investors have recently adjusted their holdings in Annexon. For example, Point72 Asset Management L.P. increased its stake by 16.1% during the second quarter, owning now 5,989,017 shares valued at $29,346,000 after acquiring an additional 832,617 shares. Point72 Europe London LLP also initiated a new position in Annexon with an investment of approximately $1,150,000. Additionally, Charles Schwab Investment Management Inc. raised its holdings by a staggering 221.8% during the third quarter, owning 732,216 shares worth $4,335,000 after an additional purchase of 504,656 shares. FMR LLC also boosted its position by 3.2%, now holding 8,561,949 shares valued at $50,687,000.

About Annexon

Annexon, Inc. is a clinical-stage biopharmaceutical company focused on discovering and developing innovative therapies for inflammatory-related diseases. Its leading candidate, ANX005, is an investigational full-length monoclonal antibody currently undergoing Phase 3 clinical trials for the treatment of Guillain-Barré syndrome, and it has completed Phase 2 trials for Huntington's disease and is currently in Phase 2 trials for amyotrophic lateral sclerosis.

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