Annexon added to ‘Q2 Tactical Ideas List’ at Wells Fargo

Wells Fargo analyst Derek Archila added Annexon to the firm’s Q2 Tactical Ideas List. Wells believes the Street underappreciates Annexon’s ANX005 program in GBS and that it has a more than 50% odds of success. Shares trade at a about $400M enterprise value, and the firm thinks the risk/reward is skewed to the upside for the upcoming Phase 3 GBS data. Wells has an Overweight rating on the shares with a price target of $12.