Annexon price target lowered to $20 from $30 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Annexon (ANNX) to $20 from $30 and keeps a Buy rating on the shares. The positive SAD/MAD data from the ANX1502’s Phase 1 program has expanded the platform’s potential for complement mediated diseases, which was so far limited to its monoclonal antibody against C1q, the analyst tells investors in a research note. The data so far suggests that the small molecule is safe, and well tolerated, with its potential to lower the C4d levels higher than the median baseline C4d serum levels in healthy volunteers, allowing ANX1502 to potentially compete with the only approved drug sutimlimab, which is a humanized monoclonal antibody against C1s in a classical complement pathway, H.C. Wainwright says.