Annexon (NASDAQ:ANNX) Shares Up 6.5%

Annexon, Inc. (NASDAQ:ANNX) shot up 6.5% during trading on Wednesday . The company traded as high as $6.58 and last traded at $6.51. 906,192 shares traded hands during mid-day trading, a decline of 52% from the average session volume of 1,907,445 shares. The stock had previously closed at $6.11.

Wall Street Analyst Weigh In

A number of brokerages have commented on ANNX. Needham & Company LLC reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Annexon in a report on Tuesday, August 13th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Annexon in a report on Monday, September 9th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Annexon in a report on Tuesday, August 13th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $15.80.

Annexon Stock Performance

The company has a market capitalization of $596.06 million, a price-to-earnings ratio of -4.16 and a beta of 1.28. The firm has a fifty day moving average price of $6.09 and a 200-day moving average price of $5.62.

Annexon (NASDAQ:ANNX) last released its earnings results on Monday, August 12th. The company reported ($0.23) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.23). On average, sell-side analysts forecast that Annexon, Inc. will post -0.97 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Ted Yednock sold 4,500 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $7.10, for a total transaction of $31,950.00. Following the completion of the sale, the executive vice president now directly owns 71,365 shares in the company, valued at approximately $506,691.50. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold a total of 17,388 shares of company stock worth $107,072 in the last ninety days. 12.67% of the stock is owned by insiders.

Hedge Funds Weigh In On Annexon

Large investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. raised its position in Annexon by 78.2% in the first quarter. Ameritas Investment Partners Inc. now owns 6,718 shares of the company’s stock valued at $48,000 after purchasing an additional 2,949 shares during the last quarter. Sandia Investment Management LP bought a new position in Annexon in the second quarter valued at about $49,000. Victory Capital Management Inc. bought a new position in Annexon in the second quarter valued at about $51,000. Principal Financial Group Inc. bought a new position in Annexon in the second quarter valued at about $56,000. Finally, Comerica Bank bought a new position in Annexon in the first quarter valued at about $72,000.

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.