Annexon (NASDAQ:ANNX) Shares Down 3.8% - Time to Sell?

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

Analysts Set New Price Targets

Several brokerages have recently weighed in on ANNX. Cantor Fitzgerald restated an "overweight" rating on shares of Annexon in a research report on Friday, November 15th. HC Wainwright reaffirmed a "buy" rating and issued a $30.00 price target on shares of Annexon in a research note on Tuesday. Finally, Needham & Company LLC restated a "buy" rating and set a $16.00 price objective on shares of Annexon in a research note on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $15.80.

Annexon Stock Up 5.5 %

The company has a 50-day moving average price of $6.25 and a two-hundred day moving average price of $5.98. The stock has a market capitalization of $556.42 million, a P/E ratio of -4.97 and a beta of 1.10.

Insider Activity at Annexon

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ANNX. State Street Corp increased its position in Annexon by 116.6% during the third quarter. State Street Corp now owns 3,841,879 shares of the company's stock valued at $22,744,000 after acquiring an additional 2,068,294 shares during the last quarter. Candriam S.C.A. bought a new position in shares of Annexon in the second quarter worth about $10,061,000. Sio Capital Management LLC bought a new position in shares of Annexon during the 3rd quarter valued at approximately $8,484,000. Marshall Wace LLP lifted its holdings in Annexon by 436.6% during the second quarter. Marshall Wace LLP now owns 1,693,665 shares of the company's stock valued at $8,299,000 after purchasing an additional 1,378,053 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its stake in shares of Annexon by 16.1% in the second quarter. Point72 Asset Management L.P. now owns 5,989,017 shares of the company's stock worth $29,346,000 after purchasing an additional 832,617 shares in the last quarter.

Annexon Company Profile

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.