ANNX Annexon, Inc.

Price Chart

Executive Summary

Chardan Capital initiated coverage of ANNX at Buy with a $16 price target on Dec 23, 2025, alongside Clear Street's Buy initiation at $17 on Dec 2. The stock trades at $5.37, implying 198% upside to Chardan's target. Consensus is overwhelmingly bullish: 15 of 16 analysts rate Buy or Strong Buy, with only 1 Hold. Mean target is $13.13 (144% upside), median $11.50. Chardan's accuracy is 49% on 408 calls with a 7.8% average return — slightly below the peer average but not a standout. EPS estimates have been revised higher over the past 30 days: the current-year loss narrowed from -$1.16 to -$0.96, and next-quarter loss from -$0.28 to -$0.24. Insider buying by director Carson William H. in three consecutive months (Mar-May 2026) totaling ~$141K provides a bullish contra-signal to any bearish read. Institutional activity is mixed: Vanguard (+33%), Wells Fargo (+40%), and Morgan Stanley (+264%) added, while FMR trimmed 29%. Short interest is elevated at 73.6% of float, creating potential squeeze dynamics. Earnings are due May 18, 2026 — within 30 days — adding timing risk. Bottom line: a high-upside, high-risk small-cap biotech with strong analyst consensus, insider buying, and a looming catalyst.

Impact Score

Consensus & Targets

Consensus is heavily bullish: 4 Strong Buy, 11 Buy, 1 Hold, 0 Sell, 0 Strong Sell across 16 analysts. That's 94% Buy/Strong Buy — near-unanimous bullishness. The lone Hold is from Goldman Sachs (initiated Neutral at $7 on May 12, 2026). Direction: overwhelmingly positive.

Current price: $5.37. Mean target: $13.13 (144% upside). Median: $11.50. High: $27 (Wells Fargo, Nov 2025). Low: $7 (Goldman Sachs). Chardan's $16 target is above the mean and median, ranking as the 3rd highest among 8 analysts. The wide range ($7–$27) reflects high uncertainty typical of small-cap biotech.

Recent Analyst Activity

30-day analyst activity: 1 upgrade (Chardan initiation) and 0 downgrades. EPS revisions are positive: current-year EPS estimate improved from -$1.16 to -$0.96 over 30 days (2 revisions up, 2 down). Next-quarter estimate improved from -$0.28 to -$0.24. The trend is modestly positive — estimates are being revised higher, not lower.

Firm Track Record — Chardan Capital

Chardan Capital accuracy: 49% on 408 calls | avg return: 7.8%

Industry benchmark: mean 51% ± 11%. Top tier: ≥61% (mean + 1σ). Based on 4 firms with ≥5 scored calls.

Chardan Capital has a 49% accuracy rate on 408 calls with a 7.8% average return — slightly below the peer average. Among firms covering ANNX, HC Wainwright (50% on 8 calls) and Wells Fargo (50% on 4 calls) have better accuracy but small samples. Needham (38% on 8 calls) and Cantor Fitzgerald (20% on 5 calls) are weaker. Chardan's large sample gives its 49% more statistical weight than the smaller-sample firms.

Earnings Estimates

Next earnings: May 18, 2026

Cross-Platform Signals

Insider activity is a key bullish signal: director Carson William H. bought ~$141K total across Mar, Apr, and May 2026 — a cluster of buys opposing any bearish read. Two other insiders (ARTIS DEAN RICHARD and Dananberg Jamie) sold ~$32K each on Mar 2, 2026 — small, likely liquidity-driven sales that do not offset the buying cluster. No congressional trades. Institutional changes are mixed but net positive: Vanguard (+33%), Wells Fargo (+40%), and Morgan Stanley (+264%) added, while FMR trimmed 29%. Short interest is extremely high at 73.6% of float — a potential squeeze catalyst if positive news hits. The analyst bullish consensus converges with insider buying and institutional accumulation, while the high short interest diverges as a bearish bet.

Documents Analyzed

Report based on filing metadata.

US Market Status