Annexon upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Annexon to Overweight from Neutral with an $11 price target. The analyst sees a high probability of success for the near-term ANX005 pivotal Phase 3 readout in Guillain-Barre syndrome. On positive pivotal data, the firm sees Annexon shares trading to the high-single digits per share level versus downside to the low-single digits on negative data. In addition, ANX1502 “could emerge as an underappreciated intermediate-term value driver,” says JPMorgan.