Annexon, Inc. (NASDAQ:ANNX) has reported that Michael Overdorf, the company's Executive Vice President and Chief Business Officer, sold 784 shares of common stock on July 15, 2024. The transaction was executed at a weighted average price of $6.02 per share, totaling approximately $4,719. This sale was part of a transaction to cover tax withholding obligations related to the vesting of restricted stock units (RSUs).
The sale was conducted in multiple trades with prices ranging from $5.99 to $6.05, inclusive. Following the sale, Overdorf's direct holdings in Annexon stand at 94,622 shares. It was also noted in the filing that this figure includes 9,765 shares acquired on May 15, 2024, under the Issuer's Employee Stock Purchase Plan.
Annexon, Inc., based in South San Francisco, California, operates in the pharmaceutical preparations industry and is known for its focus on developing treatments for autoimmune and neurodegenerative disorders.
The transaction was disclosed in a legal filing with the Securities and Exchange Commission, which also included a statement that full information regarding the number of shares sold at each price within the stated range would be provided upon request. The sale was reported through an attorney-in-fact, Jennifer Lew, as indicated by the signature on the SEC filing.
In other recent news, Annexon Biosciences has reported significant advancements. The company's drug candidate, ANX005, demonstrated positive results in a Phase 3 trial for Guillain-Barré syndrome, meeting its primary endpoint. Despite one dosage level not achieving statistical significance, Wells Fargo (NYSE:WFC) analysts maintain confidence in the drug's approval prospects. The firm recently upgraded its stock target for Annexon from $10 to $14, continuing to hold an Overweight rating.
In addition to these developments, Annexon shareholders recently elected two Class I directors and ratified KPMG LLP as its independent registered public accounting firm for the fiscal year ending December 31, 2024. The company also received advisory approval for the compensation of its named executive officers. These decisions were made during the company's 2024 Annual Meeting of Stockholders.
Annexon anticipates submitting a Biologics License Application in the first half of 2025. These updates are essential for investors and stakeholders keeping an eye on the company's progress in the market.
InvestingPro Insights
Annexon, Inc. (NASDAQ:ANNX) has been navigating the financial markets with some notable metrics. With a market capitalization of approximately $627.21 million, the company has shown a significant return over the past year, with a 66.8% price total return as of the current year to date. This performance is underscored by a 22.62% price total return over the last week, indicating a recent uptick in investor confidence.
Investors should note that while Annexon holds more cash than debt on its balance sheet, it has been quickly burning through cash. This financial situation is reflected in the company's negative operating income of -$131.05 million over the last twelve months as of Q1 2024. Moreover, the company's adjusted P/E ratio for the same period stands at -5.13, suggesting that investors are willing to invest despite the company not currently generating profits.
Among the InvestingPro Tips, it's worth highlighting that three analysts have revised their earnings upwards for the upcoming period, suggesting a potential shift in the company’s financial trajectory. Additionally, Annexon does not pay a dividend to shareholders, which may influence investment decisions for those seeking regular income streams.
For those looking to delve deeper into Annexon's financial health and future prospects, there are additional InvestingPro Tips available. With the use of the exclusive coupon code PRONEWS24, readers can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, providing access to a wealth of investment analysis and data to guide their decisions.
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