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Annexon, Inc. (ANNX)

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Previous Close21.29
Open21.25
Bid21.18 x 800
Ask26.45 x 1000
Day's Range21.25 - 24.52
52 Week Range15.33 - 29.71
Volume2,249,673
Avg. Volume365,840
Market Cap858.332M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est33.00
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    • GlobeNewswire

      Annexon Biosciences Reports Second Quarter 2020 Financial Results and Recent Highlights

      – Completed $263M IPO in July, and private financing in late June – – Company plans to initiate four new clinical trials by year-end, including in three expanded indications for ANX005 and first-in-human trial of ANX009 – – Phase 2 trials of ANX005 in GBS and ANX007 in GA remain on track for 2021 –SOUTH SAN FRANCISCO, Calif., Sept. 08, 2020 (GLOBE NEWSWIRE) -- Annexon, Inc. (“Annexon”) (Nasdaq: ANNX), a clinical-stage biopharmaceutical company developing a pipeline of novel therapies for patients with classical complement-mediated disorders of the body, brain and eye, today announced second quarter 2020 financial results and recent highlights.“This is an exciting time in Annexon’s history as we advance our pioneering platform to treat a wide array of classical complement-mediated diseases,” said Douglas Love, Esq., president and chief executive officer of Annexon. “We continue to make notable progress advancing our deep pipeline, and remain intensely focused on the execution of our near-term strategic and development plans. In that regard, we remain on track to initiate several clinical trials in diverse diseases over the balance of 2020 and early 2021.”Recent Highlights * In July 2020, Annexon completed an upsized IPO of 14,750,000 shares of its common stock, including the exercise of the underwriters’ option to purchase an additional 2,139,403 shares of common stock, resulting in net proceeds of $262.7 million, after deducting underwriting commissions and offering expenses. * In July 2020, Michael Overdorf was appointed chief business officer to oversee corporate development and commercial strategy efforts for the company. Mr. Overdorf brings nearly 20 years of industry experience to Annexon. Prior to joining, he spent 19 years at Eli Lilly and Company in various executive leadership roles, most recently in Corporate Business Development. * In June 2020, prior to its IPO, Annexon successfully completed a private crossover financing, with net proceeds of $96.8 million.Anticipated Upcoming Milestones * ANX005, a clinical-stage investigational monoclonal antibody intended to treat patients with complement-mediated disorders, is currently being evaluated to treat Guillain-Barre Syndrome (GBS), warm autoimmune hemolytic anemia (wAIHA), Huntington’s Disease (HD) and ALS. Phase 2a trials in patients with HD and ALS and a Phase 2 trial in patients with wAIHA are planned for 2H 2020. A Phase 2/3 trial in patients with GBS is expected to begin in early 2021. * ANX009, an investigational, subcutaneous formulation of an antigen-binding fragment (Fab), is being evaluated to treat systemic antibody-mediated autoimmune diseases. A Phase 1 first-in-human trial is expected to begin in 2020. * ANX007, a clinical-stage investigational monoclonal antibody Fab for the treatment of patients with complement-mediated neurodegenerative ophthalmic diseases, is being evaluated to treat geographic atrophy. A Phase 2 trial is expected to begin in 2021.Second Quarter 2020 Financial Results: * Cash and cash equivalents:  Cash and cash equivalents were $124.8 million as of June 30, 2020 compared to $43.9 million as of December 31, 2019.  * Research and development (R&D) expenses:  R&D expenses were $9.3 million for the quarter ended June 30, 2020 compared to $6.0 million for the quarter ended June 30, 2019. * General and administrative (G&A) expenses:  G&A expenses were $2.9 million for the quarter ended June 30, 2020 compared to $2.2 million for the quarter ended June 30, 2019. * Net loss:  Net loss attributable to common stockholders was $12.5 million or $28.87 per share for the quarter ended June 30, 2020 compared to $9.7 million or $22.30 per share for the quarter ended June 30, 2019.             About Annexon, Inc. Annexon is a clinical-stage biopharmaceutical company developing a pipeline of novel therapies for patients with classical complement-mediated disorders of the body, brain and eye. The company’s pipeline is based on its platform technology addressing well-researched classical complement-mediated autoimmune and neurodegenerative disease processes, both of which are triggered by aberrant activation of C1q, the initiating molecule of the classical complement pathway. The company’s first product candidate, ANX005, is a full-length monoclonal antibody formulated for intravenous administration in autoimmune and neurodegenerative disorders. The company’s second product candidate, ANX007, is a monoclonal antibody Fab formulated for intravitreal administration for the treatment of neurodegenerative ophthalmic disorders. Annexon is advancing its current programs while evaluating additional orphan and large market indications. Annexon is deploying a disciplined, biomarker-driven development strategy designed to establish that its product candidates are engaging the target at a well-tolerated therapeutic dose in the intended patient tissue. For more information, visit www.annexonbio.com.Forward Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. All statements other than statements of historical facts contained in this press release are forward-looking statements. These forward-looking statements include, but are not limited to, statements about:  advancement of the company’s clinical and preclinical programs; timing and commencement of future nonclinical studies and clinical trials and research and development programs; and the implementation of the company’s business model and strategic plans for its business and product candidates, including additional indications which the company may pursue. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, risks and uncertainties related to:  the company’s history of net operating losses; the company’s ability to obtain necessary capital to fund its clinical programs; the early stages of clinical development of the company’s product candidates; the effects of COVID-19 or other public health crises on the company’s clinical programs and business operations; the company’s ability to obtain regulatory approval of and successfully commercialize its product candidates; any undesirable side effects or other properties of the company’s product candidates; the company’s reliance on third-party suppliers and manufacturers; the outcomes of any future collaboration agreements; and the company’s ability to adequately maintain intellectual property rights for its product candidates. These and other risks are described in greater detail under the section titled “Risk Factors” contained in the company’s prospectus filed with the Securities and Exchange Commission (SEC) on July 24, 2020 pursuant to Rule 424(b) under the Securities Act and the company’s other filings with the SEC. Any forward-looking statements that the company makes in this press release are made pursuant to the Private Securities Litigation Reform Act of 1995, as amended, and speak only as of the date of this press release. Except as required by law, the company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. ANNEXON, INC. Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts) (Unaudited)  Three Months Ended June 30, Six Months Ended June 30,     2020   2019   2020     2019    Operating expenses:     Research and development (1)$               9,287  $              5,987  $         19,504  $         10,640  General and administrative (1) 2,950   2,230   5,189   3,679        Total operating expenses 12,237   8,217   24,693   14,319        Loss from operations (12,237)  (8,217)  (24,693)  (14,319) Loss on remeasurement of redeemable convertible preferred stock liability —   (1,560)  —   (4,330) Other income, net 1   376   116   597        Net loss before taxes (12,236)  (9,401)  (24,577)  (18,052) Provision for income taxes 4   —   4   1        Net loss (12,240)  (9,401)  (24,581)  (18,053) Accretion on redeemable convertible preferred stock 281   272   560   534        Net loss attributable to common stockholders$          (12,521) $           (9,673) $      (25,141) $      (18,587)       Net loss per share attributable to common stockholders, basic and diluted$             (28.87) $            (22.30) $         (57.96) $         (42.90)       Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 433,749   433,749   433,749   433,232        (1)    Includes the following stock-based compensation expense:        Research and development335 135  660 232 General and administrative428 302 766 671 ANNEXON, INC. Condensed Consolidated Balance Sheets (in thousands) (Unaudited)  June 30, 2020  December 31, 2019  Assets   Current assets:   Cash and cash equivalents$    124,761  $        43,931  Prepaid expenses and other current assets 907   1,475      Total current assets 125,668   45,406  Property and equipment, net 2,048   2,138  Other long-term assets 3,371   2,354      Total assets$    131,087  $        49,898      Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Deficit   Current liabilities:   Accounts payable$         3,064  $          2,371  Accrued liabilities 9,218   2,194  Deferred rent, current 378   366      Total current liabilities 12,660   4,931  Deferred rent 1,247   1,437      Total liabilities 13,907   6,368      Redeemable convertible preferred stock 235,054   143,984      Stockholders’ Deficit:    Common stock 4   4  Additional paid-in capital 9,365   2,202  Accumulated other comprehensive loss (82)  (80) Accumulated deficit (127,161)  (102,580)     Total stockholders’ deficit (117,874)  (100,454)     Total liabilities, redeemable convertible preferred stock and stockholders’ deficit$    131,087  $        49,898      CONTACT: Investor Contact: Sylvia Wheeler swheeler@wheelhouselsa.com Alexandra Santos asantos@wheelhouselsa.com Media Contact: Caroline Rufo crufo@macbiocom.com

    • GlobeNewswire

      Annexon Biosciences Expands Leadership Team with the Appointment of Michael Overdorf as Chief Business Officer

      SOUTH SAN FRANCISCO, Calif., July 30, 2020 (GLOBE NEWSWIRE) -- Annexon, Inc. (Nasdaq: ANNX), a clinical-stage biopharmaceutical company developing a pipeline of novel therapies for patients with classical complement-mediated disorders of the body, brain and eye, today announced the appointment of Michael Overdorf as Chief Business Officer. “I’m pleased to welcome Michael to our organization as we look to leverage his expertise across the organization, and in particular with regard to our corporate and commercial development efforts,” said Douglas Love, Chief Executive Officer of Annexon Biosciences. “The potential for our classical complement pathway platform technology is broad and deep across a number of different therapeutic areas, and Michael will be a key member of the team driving our business development and commercial strategies.” Mr. Overdorf brings nearly 20 years of industry experience to Annexon. Prior to joining he spent 19 years at Eli Lilly and Company in various executive leadership roles, most recently in Corporate Business Development, a position he held for the last two years. Prior to that role, Mr. Overdorf led Lilly’s Corporate Strategy, led two Phase 3 autoimmune development programs, and spent a decade in multiple global commercial leadership roles. Mr. Overdorf has deep expertise across every stage of the pharmaceutical value chain, including research and development, clinical product development, commercial launch, pricing and access, corporate affairs, and sales and marketing. Prior to Lilly he was the Co-founder, Chairman and CEO of Innosight, a consulting firm focused on disruptive innovation. Mr. Overdorf holds an MBA from Harvard Business School and a BA in Economics from Wabash College.“I am delighted to join the leadership team at Annexon. With an impressive pipeline of promising C1q classical complement assets, the opportunities for Annexon are vast,” said Mr. Overdorf, Chief Business Officer of Annexon. “I look forward to helping the company leverage its platform and navigate its strategic commercial and business development options to enhance the value of the organization and reach patients in need of therapeutic alternatives.”About Annexon, Inc. Annexon is a clinical-stage biopharmaceutical company developing a pipeline of novel therapies for patients with classical complement-mediated disorders of the body, brain and eye. The company’s pipeline is based on its platform technology addressing well-researched classical complement-mediated autoimmune and neurodegenerative disease processes, both of which are triggered by aberrant activation of C1q, the initiating molecule of the classical complement pathway. The company’s first product candidate, ANX005, is a full-length monoclonal antibody formulated for intravenous administration in autoimmune and neurodegenerative disorders. The company’s second product candidate, ANX007, is a monoclonal antibody Fab formulated for intravitreal administration for the treatment of neurodegenerative ophthalmic disorders. Annexon is advancing its current programs while evaluating additional orphan and large market indications. Annexon is deploying a disciplined, biomarker-driven development strategy designed to establish that its product candidates are engaging the target at a well-tolerated therapeutic dose in the intended patient tissue. For more information, visit www.annexonbio.com.Investor Contact: Sylvia Wheeler swheeler@wheelhouselsa.comAlexandra Santos asantos@wheelhouselsa.comMedia Contact: Sara Michelmore smichelmore@macbiocom.com

    • GlobeNewswire

      Annexon Announces Closing of Initial Public Offering

      SOUTH SAN FRANCISCO, Calif., July 28, 2020 (GLOBE NEWSWIRE) -- Annexon, Inc. (Nasdaq: ANNX), a clinical-stage biopharmaceutical company developing a pipeline of novel therapies for patients with classical complement-mediated disorders of the body, brain and eye, today announced the closing of its initial public offering of 14,750,000 shares of its common stock at a public offering price of $17.00 per share. All of the shares of common stock were offered by Annexon. Annexon’s common stock began trading on The Nasdaq Global Select Market on July 24, 2020, under the ticker symbol “ANNX.” The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Annexon, were approximately $250.8 million. In addition, Annexon has granted the underwriters a 30-day option to purchase up to an additional 2,212,500 shares of common stock at the initial public offering price, less the underwriting discounts and commissions. J.P. Morgan, BofA Securities and Cowen are acting as joint book-running managers for the offering.Registration statements relating to the shares sold in this offering were filed with the Securities and Exchange Commission and became effective on July 23, 2020. The offering was made only by means of a prospectus, copies of which may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at prospectus-eq_fi@jpmorgan.com or by telephone at (866) 803-9204; BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at dg.prospectus_requests@bofa.com; or Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, by email at PostSaleManualRequests@broadridge.com or by telephone at (833) 297-2926.This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.About Annexon, Inc.Annexon is a clinical-stage biopharmaceutical company developing a pipeline of novel therapies for patients with classical complement-mediated disorders of the body, brain and eye. The company’s pipeline is based on its platform technology addressing well-researched classical complement-mediated autoimmune and neurodegenerative disease processes, both of which are triggered by aberrant activation of C1q, the initiating molecule of the classical complement pathway. The company’s first product candidate, ANX005, is a full-length monoclonal antibody formulated for intravenous administration in autoimmune and neurodegenerative disorders. The company’s second product candidate, ANX007, is a monoclonal antibody Fab formulated for intravitreal administration for the treatment of neurodegenerative ophthalmic disorders. Annexon is advancing its current programs while evaluating additional orphan and large market indications. Annexon is deploying a disciplined, biomarker-driven development strategy designed to establish that its product candidates are engaging the target at a well-tolerated therapeutic dose in the intended patient tissue.Investor Contact: Sylvia Wheeler swheeler@wheelhouselsa.comAlexandra Santos asantos@wheelhouselsa.comMedia Contact:Sara Michelmore smichelmore@macbiocom.com