Annexon (NASDAQ:ANNX) Trading Down 5.3% Following Insider Selling

Annexon, Inc. (NASDAQ:ANNX) dropped 5.3% on Monday following insider selling activity. The company traded as low as $6.66 and last traded at $6.66. Approximately 276,561 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 1,929,670 shares. The stock had previously closed at $7.03.

Specifically, EVP Ted Yednock sold 4,500 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $7.10, for a total value of $31,950.00. Following the completion of the transaction, the executive vice president now owns 71,365 shares of the company’s stock, valued at $506,691.50. The transaction was disclosed in a filing with the SEC, which is available at this link.

Analysts Set New Price Targets

ANNX has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $16.00 price target 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 target on shares of Annexon in a report on Tuesday, August 13th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Annexon presently has an average rating of “Buy” and a consensus target price of $15.80.

Annexon Stock Down 5.3 %

The stock has a market cap of $582.20 million, a price-to-earnings ratio of -4.29 and a beta of 1.28. The stock’s 50 day moving average price is $6.06 and its two-hundred day moving average price is $5.60.

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

Institutional Trading of Annexon

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ANNX. Ameritas Investment Partners Inc. grew its position in Annexon by 78.2% during the first quarter. Ameritas Investment Partners Inc. now owns 6,718 shares of the company’s stock valued at $48,000 after buying an additional 2,949 shares during the period. Sandia Investment Management LP acquired a new stake in Annexon during the second quarter valued at $49,000. Victory Capital Management Inc. acquired a new stake in Annexon during the second quarter valued at $51,000. Principal Financial Group Inc. acquired a new stake in Annexon during the second quarter valued at $56,000. Finally, Comerica Bank acquired a new stake in Annexon during the first quarter valued at $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.