Analyst Andrew Fein from H.C. Wainwright maintained a Buy rating on Annexon Biosciences (ANNX – Research Report) and decreased the price target to $20.00 from $30.00.
Andrew Fein has given his Buy rating due to a combination of factors including the promising data from Annexon Biosciences’ ANX1502 program. The increase in hemoglobin levels near 1.5-2 g/dL from baseline in the ongoing study for cold agglutinin disease (CAD) is seen as encouraging. The positive results from the Phase 1 program suggest that ANX1502, a small molecule, is safe and well-tolerated, with potential efficacy in complement-mediated diseases.
Furthermore, ANX1502’s ability to potentially lower C4d levels positions it as a competitor to sutimlimab, the only approved drug in this category. The upcoming clinical and biomarker outcomes are anticipated to further validate ANX1502’s potential. The reevaluation of operating expenses and market penetration assumptions for the GBS program also contributed to the Buy rating, despite a reduction in the price target.
Fein covers the Healthcare sector, focusing on stocks such as Neurocrine, Palvella Therapeutics, and Vertex Pharmaceuticals. According to TipRanks, Fein has an average return of 1.6% and a 39.84% success rate on recommended stocks.
In another report released today, Needham also maintained a Buy rating on the stock with a $16.00 price target.