Annexon (NASDAQ:ANNX) Shares Gap Up - What's Next?

Annexon, Inc. (NASDAQ:ANNX - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $4.44, but opened at $5.00. Annexon shares last traded at $5.09, with a volume of 567,210 shares trading hands.

Analysts Set New Price Targets

Several brokerages have commented on ANNX. Cantor Fitzgerald reiterated an "overweight" rating on shares of Annexon in a research note on Friday, November 15th. Needham & Company LLC reiterated a "buy" rating and issued a $16.00 target price on shares of Annexon in a research report on Friday, November 15th. Finally, HC Wainwright restated a "buy" rating and set a $30.00 price target on shares of Annexon in a report on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $15.80.

Annexon Stock Performance

The stock has a market cap of $539.37 million, a P/E ratio of -4.82 and a beta of 1.10. The stock's fifty day moving average is $6.35 and its 200 day moving average is $5.98.

Insider Activity

In other news, EVP Ted Yednock sold 5,408 shares of the firm's stock in a transaction dated Tuesday, October 15th. The shares were 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 in the company, valued at approximately $528,814.65. This trade represents a 7.04 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 12.67% of the company's stock.

Hedge Funds Weigh In On Annexon

Several hedge funds have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. boosted its position in shares of Annexon by 16.1% during the second quarter. Point72 Asset Management L.P. now owns 5,989,017 shares of the company's stock valued at $29,346,000 after buying an additional 832,617 shares during the period. Point72 Europe London LLP purchased a new position in Annexon during the 2nd quarter valued at $1,150,000. Charles Schwab Investment Management Inc. grew its position in Annexon by 221.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 732,216 shares of the company's stock valued at $4,335,000 after acquiring an additional 504,656 shares during the last quarter. FMR LLC increased its stake in Annexon by 3.2% in the third quarter. FMR LLC now owns 8,561,949 shares of the company's stock worth $50,687,000 after purchasing an additional 262,229 shares during the period. Finally, Mutual of America Capital Management LLC bought a new stake in shares of Annexon during the second quarter worth $3,134,000.

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.