Annexon (NASDAQ:ANNX) Trading Down 3.8% – Here’s Why

Annexon, Inc. (NASDAQ:ANNX) shares fell 3.8% during mid-day trading on Thursday . The company traded as low as $4.75 and last traded at $4.76. 57,542 shares traded hands during mid-day trading, a decline of 97% from the average session volume of 1,781,109 shares. The stock had previously closed at $4.95.

Wall Street Analyst Weigh In

ANNX has been the subject of several research analyst reports. Cantor Fitzgerald restated an “overweight” rating on shares of Annexon in a report on Friday, November 15th. HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Annexon in a research note on Tuesday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $16.00 price objective on shares of Annexon in a report on Friday, November 15th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Annexon has an average rating of “Buy” and an average price target of $15.80.

Annexon Stock Down 0.6 %

The company has a market capitalization of $524.44 million, a P/E ratio of -4.69 and a beta of 1.10. The firm has a fifty day simple moving average of $6.25 and a 200-day simple moving average of $5.98.

Insider Buying and Selling

In other news, EVP Ted Yednock sold 5,408 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $7.41, for a total value of $40,073.28. Following the completion of the sale, the executive vice president now directly owns 71,365 shares of the company’s stock, valued at $528,814.65. This trade represents a 7.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 12.67% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ANNX. Sandia Investment Management LP acquired a new stake in shares of Annexon in the 2nd quarter valued at approximately $49,000. Victory Capital Management Inc. acquired a new position in shares of Annexon during the second quarter valued at about $51,000. Principal Financial Group Inc. bought a new position in shares of Annexon in the second quarter valued at approximately $56,000. Quarry LP bought a new stake in shares of Annexon in the 3rd quarter worth $118,000. Finally, Allegheny Financial Group LTD lifted its position in shares of Annexon by 16.1% during the 2nd quarter. Allegheny Financial Group LTD now owns 25,200 shares of the company’s stock worth $123,000 after buying an additional 3,500 shares in the last quarter.

About Annexon

Annexon, Inc, a clinical-stage biopharmaceutical company, discovers and develops medicines for treating inflammatory-related diseases. Its lead candidate is ANX005, an investigational full-length monoclonal antibody, which is in Phase 3 clinical trial for the treatment of patients with guillain-barré syndrome; completed Phase II clinical trial for treating Huntington's disease; and in Phase II clinical trial for the treatment of amyotrophic lateral sclerosis.