Analyst Joseph Stringer of Needham maintained a Buy rating on Annexon Biosciences (ANNX – Research Report), retaining the price target of $16.00.
Joseph Stringer has given his Buy rating due to a combination of factors including the strategic timing adjustments and promising developments in Annexon Biosciences’ pipeline. The anticipated release of more comprehensive data for the oral ANX1502, now expected in mid-2025, suggests a robust and thorough approach to data collection, which could enhance the credibility and potential success of the treatment.
Additionally, the expected pre-BLA submission for ANX1502 in the first half of 2025, focusing on Phase 3 Real-World Efficacy data, indicates a clear path towards regulatory progress. Furthermore, the positive enrollment trends in the ANX007 Phase 3 trial for Geographic Atrophy highlight the company’s ongoing advancements in its clinical trials. These factors, combined with a strong cash position projected at the end of 2024, underpin the Buy rating as they reflect both strategic foresight and financial stability.
In another report released yesterday, Wells Fargo also maintained a Buy rating on the stock with a $14.00 price target.