Annexon price target lowered to $18 from $22 at Cantor Fitzgerald

Cantor Fitzgerald analyst Pete Stavropoulos lowered the firm’s price target on Annexon to $18 from $22 and keeps an Overweight rating on the shares. The price target reduction results from updating model assumptions relating to program launch timing, inclusion of new programs and exclusion of deprioritized programs in the firm’s valuation matrix, but the firm’s conviction for the ongoing clinical programs has not changed, the analyst tells investors in a research note. The firm sees numerous potential value drivers as the company is on track to report data for at least four programs in the next 12-18 months, and continues to believe that its multiple pipeline candidates/programs and cash runway through key value-creating events are underappreciated.