Annexon Biosciences: Promising Developments and Strategic Milestones Justify Buy Rating

TD Cowen analyst Phil Nadeau has maintained their bullish stance on ANNX stock, giving a Buy rating on March 4.

Phil Nadeau has given his Buy rating due to a combination of factors that highlight Annexon Biosciences’ promising developments and strategic milestones. The company is making significant progress with its programs, particularly with ANX005, which has shown favorable outcomes in its pivotal Phase II/III trial for Guillain-Barré Syndrome (GBS). The real-world evidence study demonstrated that patients treated with ANX005 had better outcomes compared to those receiving standard care, indicating its potential to become a new standard of care.
Additionally, Annexon is on track with its regulatory and clinical milestones, including a pre-BLA meeting with the FDA in the first half of 2025 for ANX005, and the completion of enrollment for the Phase III trial of ANX007 in geographic atrophy by the second half of 2025. The expected proof-of-concept data for ANX1502 in cold agglutinin disease by mid-2025 further supports the company’s robust pipeline. These advancements underscore the potential for Annexon Biosciences to achieve significant growth and success, justifying the Buy rating.

In another report released on March 4, Needham also maintained a Buy rating on the stock with a $16.00 price target.

Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ANNX in relation to earlier this year.