ANNX Annexon, Inc.
Price Chart
Executive Summary
Goldman Sachs initiated coverage of ANNX on May 12, 2026, with a Neutral rating and a $7 price target, well below the consensus mean of $13.71 and the prior low of $8. The firm has a 54% accuracy rate on 2,921 rated calls with a +5.6% average return, placing it around average among covering firms. The broader consensus is overwhelmingly bullish — 15 of 16 analysts rate ANNX a Buy or Strong Buy, with only Goldman at Neutral. Price targets range from $8 to $27, implying 140% upside to the mean from the current $5.70, while Goldman's target offers just 23% upside. In the past 30 days, EPS revisions have been mixed — 2 up and 2 down for the current fiscal year — though the estimate has ticked higher from -$1.19 to -$1.16. Insider activity shows both buying (Carson William H. bought ~$95K in March/April) and selling (three executives sold ~$94K in March). Short interest is elevated at 56.2% of float, and institutional flows are mixed with Vanguard and Morgan Stanley adding while FMR trimmed. With earnings due May 18, the Goldman initiation is a significant contrarian signal from a high-volume firm just ahead of a catalyst.
Impact Score
Consensus & Targets
The consensus consists of 16 analysts covering ANNX: 4 Strong Buy, 11 Buy, 1 Hold. That translates to 93.75% Buy-equivalent ratings. Goldman's Neutral is the sole non-bullish call, making it a clear outlier.
The mean price target is $13.71, median $11, high $27, low $8. At $5.70, the implied upside to the mean is 140%. Goldman's $7 target is below the previous low of $8, offering only 22.8% upside and representing the most bearish estimate on the street.
Recent Analyst Activity
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| 2026-05-12 | Goldman Sachs | initiate | Neutral | $7.00 |
| 2026-03-20 | Chardan Capital | maintain | Buy | — |
| 2025-12-23 | Chardan Capital | initiate | Buy | $16.00 |
| 2025-12-02 | Clear Street | initiate | Buy | $17.00 |
| 2025-11-19 | Wells Fargo | maintain | Overweight | $27.00 |
| 2025-08-15 | HC Wainwright & Co. | reiterate | Buy | $14.00 |
| 2025-05-14 | HC Wainwright & Co. | maintain | Buy | $14.00 |
| 2025-05-13 | Needham | maintain | Buy | $11.00 |
| 2025-03-04 | Needham | reiterate | Buy | $16.00 |
| 2024-12-17 | HC Wainwright & Co. | reiterate | Buy | $30.00 |
In the past 30 days, there has been 1 analyst action: Goldman's initiation. No downgrades or upgrades. EPS estimates for the current fiscal year show 2 upward and 2 downward revisions in the past 30 days, with the average EPS improving slightly from -$1.19 to -$1.16. Revisions are balanced, implying no clear directional bias from the sell-side.
Firm Track Record — Goldman Sachs
Goldman Sachs accuracy: 54% on 2921 calls | avg return: 5.6%
Industry benchmark: mean 51% ± 11%. Top tier: ≥61% (mean + 1σ). Based on 4 firms with ≥5 scored calls.
| Firm | Accuracy | Calls | Avg Return | vs Average |
|---|---|---|---|---|
| HC Wainwright & Co. | 50% | 4/8 | -7.6% | below average |
| Wells Fargo | 50% | 2/4 | -0.9% | below average |
| Needham | 38% | 3/8 | -3.2% | below average |
| Cantor Fitzgerald | 20% | 1/5 | -14.6% | below average |
Goldman Sachs has a 54% accuracy rate on 2,921 calls with an average return of +5.6%. Among firms covering ANNX, HC Wainwright (50% on 8 calls) and Wells Fargo (50% on 4 calls) are the best performers, while Cantor Fitzgerald (20% on 5 calls) is the worst. Goldman's moderate accuracy and large sample lend weight but not exceptional precision.
Earnings Estimates
Next earnings: May 18, 2026
| Period | EPS Est. | EPS Range | Revenue | Revisions (7d) |
|---|---|---|---|---|
| 0y | $-1.16 | $-1.23 — $-1.05 | $0.00 | ↑2 ↓0 |
| 0q | $-0.30 | $-0.34 — $-0.26 | $0.00 | ↑0 ↓0 |
| +1q | $-0.30 | $-0.33 — $-0.25 | $0.00 | ↑0 ↓0 |
| +1y | $-0.96 | $-1.13 — $-0.88 | $43.8M | ↑1 ↓0 |
Cross-Platform Signals
Insider activity is mixed: Carson William H. bought $94,960 in two transactions (March/April), while three executives sold $93,769 in early March. Institutional changes show Vanguard (+32.9%), Wells Fargo (+40.1%), and Morgan Stanley (+263.9%) adding, but FMR trimming (-29.4%). Short interest is high at 56.2% of float, indicating significant bearish positioning. The Goldman initiation (cautious) converges with the elevated short interest and the recent insider selling, but diverges from the insider buying and the Vanguard/Morgan Stanley accumulation.
Actionable Insight
Goldman's cautious PT and Neutral rating stand out against a heavily bullish consensus just ahead of earnings. Expect heightened volatility into the May 18 report; the divergence between Goldman's view and institutional buying/insider buys creates a potential squeeze setup if earnings surprise positively, but the high short interest also raises downside risk if the Neutral call proves prescient.
Documents Analyzed
Report based on filing metadata.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 16, 2026
24d ago
|
ANALYST-UPGRADE
| $5.11 $5.02 | ▼ −1.76% | ▼ −0.93% | $5.12 (+0.20%) |
|
May 12, 2026
28d ago
|
ANALYST-UPGRADE
| $5.44 $4.96 | ▲ +8.82% | ▲ +8.90% | $5.12 (+5.88%) |
|
May 7, 2026
4w ago
|
Press Release
| $5.69 $5.37 | ▼ −5.62% | ▼ −7.09% | $5.12 (−10.02%) |
|
Apr 16, 2026
7w ago
|
ANALYST-UPGRADE
| $6.33 $6.06 | ▼ −4.27% | ▼ −5.25% | $5.12 (−19.12%) |
|
Apr 16, 2026
7w ago
|
ANALYST-UPGRADE
| $6.33 $6.06 | ▼ −4.27% | ▼ −5.25% | $5.12 (−19.12%) |
|
Mar 30, 2026
10w ago
|
Press Release
| $5.54 $6.05 | ▲ +9.21% | ▲ +5.26% | $5.12 (−7.58%) |
|
Mar 2, 2026
14w ago
|
Insider Cluster
| $5.52 $5.59 | ▲ +1.27% | ▲ +2.48% | $5.12 (−7.25%) |
US Market Status
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