HC Wainwright Reaffirms Buy Rating for Annexon (ANNX)

The stock of Annexon (NASDAQ:ANNX - Get Free Report) received a strong endorsement from HC Wainwright, which reiterated its "buy" rating in a report published on Tuesday. The analysts at HC Wainwright set a price target of $30.00 per share for the company, suggesting significant potential upside from its current trading price.

On the same day, Annexon's stock value opened at $5.06, reflecting a considerable gap between its current market price and HC Wainwright's target. If the stock were to reach this price target, it would represent an increase of approximately 492.89%. Analysts believe that this upward potential makes Annexon an attractive investment opportunity.

In addition to HC Wainwright's positive outlook, other analysts have also weighed in on Annexon. Cantor Fitzgerald reaffirmed an "overweight" rating for the shares on November 15, and Needham & Company LLC maintained its "buy" rating, placing a price target of $16.00 on the stock. According to data from MarketBeat, a total of six research analysts currently endorse a buy rating for Annexon, which averages out to a consensus price target of $15.80.

Stock Performance Overview

Over the past 52 weeks, Annexon has seen its stock price fluctuate between a low of $2.68 and a high of $8.40. The company's market capitalization stands at approximately $539.37 million, with a P/E ratio currently at -4.82, and a beta of 1.10. The 50-day simple moving average for the stock is $6.35, while the two-hundred day simple moving average is $5.98.

Recent Insider Transactions

In other news, Ted Yednock, the Executive Vice President of Annexon, recently sold 5,408 shares of the company on October 15. The shares were sold at an average price of $7.41, culminating in a total transaction worth around $40,073.28. Post-sale, Yednock retains ownership of 71,365 shares in the company, reflecting a total value of approximately $528,814.65. This transaction indicates a 7.04% reduction in Yednock's stake in Annexon. The sale has been officially registered with the Securities and Exchange Commission, with insider ownership currently at 12.67% of the company’s stock.

Institutional Investments in Annexon

Various institutional investors and hedge funds have been adjusting their positions in Annexon as well. For example, Point72 Asset Management L.P. increased its holdings by 16.1% in the second quarter, now owning nearly six million shares valued at approximately $29.35 million. Additionally, Point72 Europe London LLP acquired a new stake in Annexon worth $1.15 million during the same period. Other noteworthy investments include Charles Schwab Investment Management Inc., which boosted its shareholding by 221.8% in the third quarter, now holding 732,216 shares valued at around $4.34 million.

About Annexon

Annexon, Inc., a clinical-stage biopharmaceutical entity, specializes in discovering and developing innovative treatments for inflammatory-related diseases. Its flagship candidate, ANX005, is an investigational monoclonal antibody currently undergoing Phase 3 clinical trials aimed at treating Guillain-Barré syndrome. It has also completed Phase 2 trials for Huntington's disease and is in Phase 2 clinical testing for amyotrophic lateral sclerosis.

Annexon, Stock, Buy