Annexon (NASDAQ:ANNX) Trading 5.7% Higher – What’s Next?

Annexon, Inc. (NASDAQ:ANNX) traded up 5.7% during trading on Tuesday . The stock traded as high as $5.41 and last traded at $5.39. 1,002,607 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 1,814,112 shares. The stock had previously closed at $5.10.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Needham & Company LLC restated a “buy” rating and set a $16.00 price objective on shares of Annexon in a research report on Friday, November 15th. Cantor Fitzgerald restated an “overweight” rating on shares of Annexon in a research report on Friday, November 15th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $30.00 price target on shares of Annexon in a research note on Friday, November 15th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, Annexon presently has a consensus rating of “Buy” and a consensus target price of $15.80.

Annexon Stock Performance

The company has a market cap of $569.21 million, a price-to-earnings ratio of -5.09 and a beta of 1.23. The firm’s 50 day simple moving average is $6.68 and its 200-day simple moving average is $5.95.

Insiders Place Their Bets

In related news, EVP Ted Yednock sold 5,408 shares of the 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 owns 71,365 shares of the company’s stock, valued at approximately $528,814.65. This trade represents a 7.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 15,408 shares of company stock valued at $103,043 in the last ninety days. 12.67% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Annexon

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Comerica Bank purchased a new position in shares of Annexon during the 1st quarter worth $72,000. Sandia Investment Management LP acquired a new stake in Annexon during the second quarter worth about $49,000. Victory Capital Management Inc. purchased a new position in Annexon during the second quarter worth about $51,000. Principal Financial Group Inc. acquired a new position in Annexon in the 2nd quarter valued at about $56,000. Finally, ProShare Advisors LLC acquired a new position in Annexon in the 1st quarter valued at about $87,000.

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.