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Annexon Biosciences
(NASDAQ:ANNX)
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Rating:47Neutral
Price Target:
$5.00
▼(-4.21% Downside)
Action:Reiterated
Date:07/31/26
The score is primarily constrained by weak financial performance—no revenue, large net losses, and significant ongoing cash burn—raising funding risk despite low leverage. Technicals are mildly negative with the stock below key short- to mid-term moving averages, while valuation is difficult to support given negative earnings and no dividend. Corporate events modestly help via added financing flexibility, tempered by covenant/secured-debt and potential dilution considerations.
Positive Factors
Sizable equity base, low leverage
A roughly $205M equity cushion with low debt-to-equity (~0.12) gives a clinical-stage biotech structural financial flexibility. This reduces immediate refinancing pressure, supports continued R&D spending, and strengthens negotiating position for partnerships or licensing over the next several quarters.
Negative Factors
No revenue; large net losses
The company remains pre-revenue with TTM net losses near $196M, a persistent structural deficit. Without approved products, operations depend on external financing or partnerships; prolonged losses increase dilution and constrain long-term strategic optionality absent successful clinical outcomes.
Read all positive and negative factors
Positive Factors
Negative Factors
Sizable equity base, low leverage
A roughly $205M equity cushion with low debt-to-equity (~0.12) gives a clinical-stage biotech structural financial flexibility. This reduces immediate refinancing pressure, supports continued R&D spending, and strengthens negotiating position for partnerships or licensing over the next several quarters.
Read all positive factors
Annexon Biosciences (ANNX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$834.78M
Dividend YieldN/A
Average Volume (3M)4.55M
Price to Earnings (P/E)―
Beta (1Y)1.54
Revenue GrowthN/A
EPS Growth-3.74%
CountryUS
Employees96
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.22
Shares Outstanding163,842,540
10 Day Avg. Volume4,021,369
30 Day Avg. Volume4,553,715
Financial Highlights & Ratios
PEG Ratio-0.11
Price to Book (P/B)3.68
Price to Sales (P/S)0.00
P/FCF Ratio-4.18
Enterprise Value/Market Cap<0.01
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$14.00Price Target Upside168.20% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.96
Revenue Forecast (FY)N/A
Annexon Biosciences Business Overview & Revenue Model
Company Description
Annexon, Inc. is a biopharmaceutical company currently engaged in clinical trials, dedicated to the discovery and advancement of therapies for a variety of autoimmune, neurodegenerative, and ophthalmic conditions. Central to its approach is the C1...
How the Company Makes Money
As a clinical-stage biotechnology company, Annexon has historically not relied on recurring product sales; its funding and revenue, when present, are primarily tied to research and development financing activities rather than commercial operations...
Annexon Biosciences Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
62
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -1.90M | -3.69M | -3.45M | 0.00 | 0.00 | 0.00 |
| EBITDA | -193.41M | -204.04M | -134.75M | -132.09M | -139.79M | -128.18M |
| Net Income | -196.48M | -206.69M | -138.20M | -134.24M | -141.95M | -130.32M |
Balance Sheet | ||||||
| Total Assets | 262.89M | 277.57M | 350.07M | 297.67M | 285.10M | 287.04M |
| Cash, Cash Equivalents and Short-Term Investments | 225.03M | 238.34M | 312.02M | 259.72M | 242.66M | 242.72M |
| Total Debt | 25.43M | 26.20M | 28.97M | 31.36M | 32.86M | 34.59M |
| Total Liabilities | 58.35M | 65.92M | 56.97M | 47.12M | 53.90M | 55.13M |
| Stockholders Equity | 204.53M | 211.65M | 293.11M | 250.56M | 231.19M | 231.91M |
Cash Flow | ||||||
| Free Cash Flow | -183.16M | -186.49M | -118.02M | -121.33M | -122.83M | -107.76M |
| Operating Cash Flow | -183.10M | -186.36M | -118.01M | -121.14M | -116.31M | -106.11M |
| Investing Cash Flow | 119.49M | 190.05M | -218.80M | 70.70M | 58.44M | -88.24M |
| Financing Cash Flow | 141.69M | 108.86M | 161.21M | 135.52M | 122.91M | 1.79M |
Annexon Biosciences Technical Analysis
Positive
5.22
Price Trends
5.36
Negative
5.51
Negative
5.15
Positive
Market Momentum
-0.09
Positive
49.11
Neutral
54.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANNX, the sentiment is Positive. The current price of 5.22 is below the 20-day moving average (MA) of 5.48, below the 50-day MA of 5.36, and above the 200-day MA of 5.15, indicating a neutral trend. The MACD of -0.09 indicates Positive momentum. The RSI at 49.11 is Neutral, neither overbought nor oversold. The STOCH value of 54.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ANNX.
Annexon Biosciences Risk Analysis
Annexon Biosciences disclosed 67 risk factors in its most recent earnings report. Annexon Biosciences reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Annexon Biosciences Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $195.59M | -7.30 | 21.05% | ― | ― | 43.38% | |
47 Neutral | $834.78M | -4.18 | -101.19% | ― | ― | -3.74% | |
44 Neutral | $92.89M | -3.37 | -57.34% | ― | ― | 53.00% | |
43 Neutral | $395.93M | -2.10 | -677.38% | ― | 7.97% | 59.82% | |
43 Neutral | $167.65M | -1.27 | -295.17% | ― | -79.15% | 5.68% | |
43 Neutral | $298.31M | -1.21 | -181.70% | ― | ― | 17.61% |
* Healthcare Sector Average
ANNX
Annexon Biosciences
5.37
3.02
128.51%
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3.09
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ALDX
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EDIT
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ALEC
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1.49
0.06
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NMRA
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1.61
0.02
1.26%
Annexon Biosciences Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Annexon Biosciences Secures $200 Million Credit Facility
Positive
Jul 30, 2026
On July 30, 2026, Annexon Biosciences entered into a strategic loan and security agreement with Oxford Finance LLC and other lenders, establishing a credit facility of up to $200 million. The structure includes an initial $50 million draw, three m...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Annexon Stockholders Approve Directors, Compensation and Share Increase
Positive
Jun 12, 2026
Annexon, Inc. held its 2026 Annual Meeting of Stockholders on June 11, 2026, where shareholders elected Bettina M. Cockroft, M.D., and Douglas Love, Esq., as Class III directors to serve three-year terms expiring at the 2029 annual meeting. Shareh...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.