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Annexon Biosciences
(NASDAQ:ANNX)
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Rating:54Neutral
Price Target:
$5.50
▲(6.80% Upside)
Action:Reiterated
Date:08/17/26
Overall score reflects a high-risk biotech balance: strong clinical/regulatory momentum and improved runway from non-dilutive financing support the outlook, but this is tempered by very weak financial performance (no revenue, large and worsening losses, heavy cash burn) and only neutral-to-soft technical/valuation signals.
Positive Factors
Reproducible Clinical Benefit and Regulatory Progress
Rapid, consistent improvement across FORWARD and prior Phase III data supports tanruprubart's clinical differentiation. Ongoing EMA review and a planned U.S. filing create a defined path toward potential commercialization in an area of unmet need.
Negative Factors
No Commercial Revenue and Worsening Losses
Annexon remains a clinical-stage company without established product sales, leaving its economic model dependent on financing or future approvals. Rising losses indicate limited operating leverage and increase the capital required to reach commercial sustainability.
Read all positive and negative factors
Positive Factors
Negative Factors
Reproducible Clinical Benefit and Regulatory Progress
Rapid, consistent improvement across FORWARD and prior Phase III data supports tanruprubart's clinical differentiation. Ongoing EMA review and a planned U.S. filing create a defined path toward potential commercialization in an area of unmet need.
Read all positive factors
Annexon Biosciences (ANNX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$976.33M
Dividend YieldN/A
Average Volume (3M)4.55M
Price to Earnings (P/E)―
Beta (1Y)1.52
Revenue GrowthN/A
EPS Growth10.96%
CountryUS
Employees92
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.16
Shares Outstanding189,579,130
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 Upside171.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)-1.03
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 Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Positive
The call conveyed strong clinical and operational momentum: first-in-class pivotal GBS data with regulatory filings progressing, robust ARCHER II execution (659 enrolled, >95% dosing compliance, <10% discontinuation) and a strategic expansion to a month 24 dual primary endpoint that management says is well powered (>90%). Financial flexibility was improved with up to $200M in non-dilutive capital. Primary risks noted include the requirement to split alpha between month 15 and month 24 (undisclosed allocation), potential DMC-driven continuation or futility decisions that could delay readouts, and the introduction of debt obligations. Overall, the highlights — compelling clinical results, regulatory progress, strong trial execution and extended runway — materially outweigh the risks presented.Positive Updates
Positive Pivotal GBS Data and Reproducibility
Tanruprubart showed reproducible, rapid clinical benefit: ~90% of treated patients responded by week 1 in the Phase III study, and all 10 patients in the initial FORWARD cohort improved rapidly. Notable outcomes included 4 previously bed-bound patients regaining ability to walk between days 2–8, one mechanically ventilated patient weaned within 4 days, and 5 patients with marked improvement within 48 hours. Safety was generally well tolerated and consistent with prior Phase III results.
Negative Updates
Statistical Alpha Split and Uncertainty
Addition of a month 24 dual primary endpoint requires splitting alpha between month 15 and month 24 (specific split undisclosed). Although management characterizes the impact as negligible due to strong execution, the split introduces additional statistical complexity and investor uncertainty around the significance thresholds.
Read all updates
Q2-2026 Updates
Positive
Negative
Positive Pivotal GBS Data and Reproducibility
Tanruprubart showed reproducible, rapid clinical benefit: ~90% of treated patients responded by week 1 in the Phase III study, and all 10 patients in the initial FORWARD cohort improved rapidly. Notable outcomes included 4 previously bed-bound patients regaining ability to walk between days 2–8, one mechanically ventilated patient weaned within 4 days, and 5 patients with marked improvement within 48 hours. Safety was generally well tolerated and consistent with prior Phase III results.
Read all positive updates
Company Guidance
On the Aug. 12, 2026 call (FY2026, Period 2) Annexon provided concrete timelines and metrics: it plans a U.S. BLA filing for tanruprubart in Q4 2026 while the EMA review continues, and reported FORWARD’s first 10‑patient cohort (single 30 mg/kg infusion) showed 10/10 rapid improvements (many within 48 hours, 4 bed‑bound patients walking by days 2–8, one ventilated patient weaned in 4 days), consistent with ~90% responders by week 1 in Phase III; GBS prevalence was cited as ~22,000/year in the U.S./EU (~150,000 worldwide) with U.S. annual healthcare burden >$20B and 1‑year mortality up to 10% (≈25% for >65). For GA, ARCHER II enrolled 659 patients (30 over target), has >95% dosing compliance, <10% discontinuation, all eligible patients ≥12 months on treatment, masked event accruals tracking to plan, a month‑15 DMC assessment expected Q4 2026 (base case positive), an added month‑24 dual primary endpoint with overall powering >90% for both time points, substudy results targeted Q1 2027 and study completion Q3 2027; vonaprument holds FDA Fast Track and EMA PRIME, an OLE is open post‑month 24, and the company secured up to $200M in non‑dilutive financing extending cash runway into 2028.Annexon Biosciences Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
54
Neutral
Cash Flow
22
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 | -199.68M | -204.04M | -134.75M | -132.09M | -139.79M | -128.18M |
| Net Income | -202.67M | -206.69M | -138.20M | -134.24M | -141.95M | -130.32M |
Balance Sheet | ||||||
| Total Assets | 246.07M | 277.57M | 350.07M | 297.67M | 285.10M | 287.04M |
| Cash, Cash Equivalents and Short-Term Investments | 209.24M | 238.34M | 312.02M | 259.72M | 242.66M | 242.72M |
| Total Debt | 24.65M | 26.20M | 28.97M | 31.36M | 32.86M | 34.59M |
| Total Liabilities | 60.01M | 65.92M | 56.97M | 47.12M | 53.90M | 55.13M |
| Stockholders Equity | 186.06M | 211.65M | 293.11M | 250.56M | 231.19M | 231.91M |
Cash Flow | ||||||
| Free Cash Flow | -193.22M | -186.49M | -118.02M | -121.33M | -122.83M | -107.76M |
| Operating Cash Flow | -193.03M | -186.36M | -118.01M | -121.14M | -116.31M | -106.11M |
| Investing Cash Flow | 86.37M | 190.05M | -218.80M | 70.70M | 58.44M | -88.24M |
| Financing Cash Flow | 173.64M | 108.86M | 161.21M | 135.52M | 122.91M | 1.79M |
Annexon Biosciences Technical Analysis
Negative
5.15
Price Trends
5.39
Negative
5.49
Negative
5.32
Negative
Market Momentum
-0.08
Positive
42.44
Neutral
33.76
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANNX, the sentiment is Negative. The current price of 5.15 is below the 20-day moving average (MA) of 5.27, below the 50-day MA of 5.39, and below the 200-day MA of 5.32, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 42.44 is Neutral, neither overbought nor oversold. The STOCH value of 33.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ANNX.
Annexon Biosciences Risk Analysis
Annexon Biosciences disclosed 68 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 |
|---|---|---|---|---|---|---|---|
54 Neutral | $976.33M | -4.30 | -106.15% | ― | ― | 10.96% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $263.51M | -2.24 | -531.04% | ― | -82.91% | 6.27% | |
45 Neutral | $402.39M | -9.72 | 21.48% | ― | ― | 33.25% | |
45 Neutral | $93.51M | -4.03 | -53.14% | ― | ― | 54.84% | |
44 Neutral | $281.84M | -1.27 | -242.28% | ― | ― | 21.31% | |
43 Neutral | $503.74M | -4.25 | -196.63% | ― | 20.83% | 73.89% |
* Healthcare Sector Average
ANNX
Annexon Biosciences
4.99
2.88
136.49%
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NMRA
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1.56
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Annexon Biosciences Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresPrivate Placements and FinancingProduct-Related Announcements
Annexon Biosciences highlights pivotal 2026 clinical progress
Positive
Aug 12, 2026
On August 12, 2026, Annexon reported second-quarter 2026 results and a series of clinical and corporate developments that mark 2026 as a pivotal year for its neuroinflammatory portfolio. Early data from the open-label FORWARD study in Guillain-Bar...
Business Operations and StrategyExecutive/Board Changes
Annexon Biosciences Adds Retinal Expert to Board
Positive
Aug 10, 2026
On August 10, 2026, Annexon announced that long-serving director and investor Muneer Satter resigned from its board, audit committee, and as chair of the nominating and corporate governance committee, with the company emphasizing that his departur...
Business Operations and StrategyProduct-Related Announcements
Annexon Highlights Promising Early FORWARD GBS Study Results
Positive
Aug 6, 2026
On August 6, 2026, Annexon reported early data from the first 10 U.S. and European patients in its open-label FORWARD study of tanruprubart for Guillain-Barré syndrome, showing rapid, clinically meaningful gains in strength and reduced disabi...
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.