Wells Fargo analyst Derek Archila has reiterated their bullish stance on ANNX stock, giving a Buy rating yesterday.
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Derek Archila has given his Buy rating due to a combination of factors including the upcoming regulatory milestones and potential market opportunities for Annexon Biosciences. The company’s drug candidate, tanruprubart, is expected to have a significant regulatory meeting with the FDA in the second quarter of 2025, which could provide clarity on its approval pathway and potentially lead to a substantial increase in the stock’s value. This meeting is seen as a critical event that could enhance investor confidence in the drug’s prospects.
Additionally, Annexon is advancing its pipeline with the initiation of the FORWARD study for tanruprubart in Western GBS patients, which aims to demonstrate its efficacy and educate physicians ahead of its commercial launch. The company also has promising developments with ANX007 and ANNX1502, with key data readouts expected in the near future. Despite the need for additional funding for future operations, the current financial position is strong enough to support ongoing developments, making the stock an attractive buy given its undervaluation and upcoming catalysts.
According to TipRanks, Archila is a 4-star analyst with an average return of 5.9% and a 46.41% success rate. Archila covers the Healthcare sector, focusing on stocks such as Rhythm Pharmaceuticals, aTyr Pharma, and Incyte.
In another report released yesterday, Needham also maintained a Buy rating on the stock with a $11.00 price target.