ANNX Annexon, Inc.

Price Chart

Executive Summary

Goldman Sachs initiated coverage on Annexon (ANNX) at Neutral with a $7 price target, representing 48% upside from the current $4.735 close. The firm's 54% accuracy on 2,921 calls and +5.6% average return place it above the peer average, but the Neutral rating is the most cautious on the Street. Consensus is heavily bullish: 15 of 17 analysts rate it Buy (88%), with only 2 Holds and no Sells. The mean target of $13.125 implies 177% upside, while Goldman's $7 is the lowest on the Street — well below the median $11.50 and the high of $27 from Wells Fargo. EPS revisions have been positive over the past 30 days (4 up, 0 down for the current quarter), and insider buying has been significant — including a $3.3M purchase by director Satter Muneer A on May 28. Institutional flows are mixed but lean bullish: State Street added 48.7%, Bank of America doubled its position, and Point72 quadrupled its stake, while Renaissance trimmed 32.2%. Short interest is elevated at 55.1% of float, suggesting heavy bearish positioning. The Goldman initiation is a cautious outlier in a bullish consensus, but the combination of insider buying, institutional accumulation, and positive EPS revisions provides a counterweight. Traders should note the divergence between Goldman's low PT and the broader Street's optimism.

Impact Score

Consensus & Targets

Consensus is heavily bullish: 4 Strong Buy, 11 Buy, 2 Hold, 0 Sell, 0 Strong Sell (88% Buy-side). The direction is overwhelmingly positive, with Goldman's Neutral as the only non-bullish rating among 17 analysts.

Mean target $13.125, median $11.50, high $27 (Wells Fargo), low $7 (Goldman Sachs). Current price $4.735 implies 177% upside to the mean. Goldman's $7 sits 47% below the mean and is the most conservative estimate on the Street.

Recent Analyst Activity

No upgrades or downgrades in the past 30 days. EPS revisions are positive: 4 upward revisions in the last 7 days for the current quarter and next quarter, with 0 downward revisions. The 30-day trend shows 4 up, 0 down for the current quarter, and 3 up, 1 down for the next fiscal year. Estimates are being revised higher.

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.

Goldman Sachs has a 54% accuracy rate on 2,921 calls with a +5.6% average return — above the peer average. Among firms covering ANNX, HC Wainwright (50% on 8 calls, -7.6% avg return) and Needham (38% on 8 calls, -3.2% avg return) have weaker track records. Cantor Fitzgerald is the worst performer (20% on 5 calls, -14.6% avg return). Goldman's initiation is a contrarian call relative to the bullish consensus.

Earnings Estimates

Cross-Platform Signals

Insider buying is a strong bullish signal: director Satter Muneer A bought $3.3M on May 28, and director Carson William H. made two purchases totaling $95.8K in April and May. Institutional activity is mixed but leans bullish: State Street (+48.7%), Bank of America (+165.3%), and Point72 (+404.3%) all added significantly, while Renaissance trimmed (-32.2%). Short interest is elevated at 55.1% of float, indicating heavy bearish positioning that could fuel a squeeze. The insider buying and institutional accumulation converge with the bullish consensus, diverging from Goldman's cautious initiation.

Documents Analyzed

Report based on filing metadata.

US Market Status