Ovata Capital Management Ltd Purchases New Position in Annexon, Inc. (NASDAQ:ANNX)

Ovata Capital Management Ltd bought a new position in Annexon, Inc. (NASDAQ:ANNX - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 200,000 shares of the company's stock, valued at approximately $980,000. Annexon makes up approximately 0.5% of Ovata Capital Management Ltd's investment portfolio, making the stock its 25th largest position. Ovata Capital Management Ltd owned 0.22% of Annexon at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BVF Inc. IL purchased a new stake in Annexon during the 4th quarter worth about $31,780,000. Bain Capital Life Sciences Investors LLC boosted its position in shares of Annexon by 41.4% in the fourth quarter. Bain Capital Life Sciences Investors LLC now owns 8,061,719 shares of the company's stock valued at $36,600,000 after acquiring an additional 2,359,793 shares during the period. Bellevue Group AG purchased a new position in Annexon during the first quarter valued at approximately $15,647,000. Vanguard Group Inc. grew its stake in Annexon by 96.4% during the first quarter. Vanguard Group Inc. now owns 3,747,655 shares of the company's stock valued at $26,871,000 after acquiring an additional 1,839,329 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Annexon by 10,482.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,323,704 shares of the company's stock worth $9,492,000 after acquiring an additional 1,311,195 shares during the period.

Annexon Price Performance

NASDAQ ANNX traded down $0.07 during trading hours on Friday, reaching $5.75. 612,633 shares of the stock traded hands, compared to its average volume of 1,940,668. The stock has a 50 day simple moving average of $5.68 and a two-hundred day simple moving average of $5.48. Annexon, Inc. has a 1 year low of $1.57 and a 1 year high of $8.40. The company has a market cap of $531.37 million, a price-to-earnings ratio of -3.91 and a beta of 1.28.

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

Analysts Set New Price Targets

Several brokerages have commented on ANNX. Needham & Company LLC reissued a "buy" rating and issued a $16.00 price target on shares of Annexon in a report on Tuesday, August 13th. Wells Fargo & Company reduced their target price on Annexon from $12.00 to $10.00 and set an "overweight" rating for the company in a research report on Wednesday, May 15th. HC Wainwright restated a "buy" rating and issued a $30.00 target price on shares of Annexon in a research note on Tuesday, August 13th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Annexon in a research report on Wednesday, June 5th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $15.80.

Insider Transactions at Annexon

In other Annexon news, EVP Ted Yednock sold 5,500 shares of the business's stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $5.64, for a total value of $31,020.00. Following the completion of the sale, the executive vice president now directly owns 10,000 shares of the company's stock, valued at $56,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders acquired 9,600 shares of company stock worth $53,504 and sold 12,888 shares worth $75,122. Company insiders own 12.67% of the company's stock.

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.