# Annexon, Inc. (ANNX)

> Source: Nexqual · https://nexqual.com/ANNX · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Annexon, Inc. (ANNX), nexqual.com/ANNX" · informational, not investment advice.

**Price:** USD 4.01 (-0.74% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 4.04 · day 3.95–4.2 · 52w 2.54–7.18 · market cap $760M · NMS

## Key facts
- Analysts: Buy (mean 2.00 on a 1–5 scale) (10 analysts), mean target USD 17 (range 7–27).
- Total return with dividends: 1Y +37.9% vs S&P 500 +14.8%; 5Y -75.4% vs S&P 500 +79.1%.
- Next earnings: 2026-11-09 (date not yet confirmed by the company), EPS estimate USD -0.28, revenue estimate $0K. All companies reporting that day: https://nexqual.com/earnings/2026-11-09
- Dividend: ANNX paid no cash dividend in the last five years.
- Short interest: 17.66% of float (as of 2026-10-15), 9.4 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Operating income | -$131M | -$146M | -$144M | -$154M | -$216M | -$211M |
| Net income | -$130M | -$142M | -$134M | -$138M | -$207M | -$203M |
| EPS (diluted) | -$3.40 | -$2.60 | -$1.77 | -$1.01 | -$1.34 | — |
| Free cash flow | -$108M | -$123M | -$121M | -$118M | -$186M | -$193M |
| Cash + short-term investments | $243M | $243M | $260M | $312M | $238M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 4.1x · FCF yield -25.42% · Earnings yield -26.66%

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 10 analysts; mean target USD 17 (low 7, high 27).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | HC Wainwright & Co. | Target raised | Buy | $14 → $25 |
| 2026-09-30 | JP Morgan | Target raised | Overweight | $14 → $15 |
| 2026-09-01 | JP Morgan | Target raised | Overweight | $10 → $14 |
| 2026-08-13 | Citizens | Upgrade | Market Underperform → Market Perform |  |
| 2026-07-21 | Citizens | Initiated | Market Underperform | $3 |
| 2026-07-15 | Needham | Target raised | Buy | $11 → $25 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +37.9% | -75.4% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +38.2% | -24.4% |
| Volatility (annualized) | 73.1% | 90.0% |
| Max drawdown | -51.0% (Jan 2026→Oct 2026) | -91.1% (Nov 2021→Apr 2025) |

## Dividends
ANNX paid no cash dividend in the last five years.

## Short interest
31,627,401 shares sold short, 17.66% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 32,871,995 shares (-3.8%). Days to cover: 9.4 (short shares ÷ average daily volume).

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 317.33 -0.45% · ORKA (Oruka Therapeutics, Inc.) USD 96.65 +0.71% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 93.07 +1.20% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.39 -1.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.45 -0.04% · ABVX (Abivax SA) USD 89.06 -0.87%

## More
Full page: https://nexqual.com/ANNX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-08-12)

- "EX-99.1 2 d119960dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Annexon Reports Second Quarter 2026 Financial Results, Business Updates and Key Anticipated Milestones Rapid, Positive Clinical Outcomes in GBS FORWARD Study Reinforce Consistency and Reproducibility of Tanruprubart Treatment Effect Demonstrated in Phase 3 and Real-World Evidence Studies;"
- "BLA Submission Expected in Q4 2026 Vonaprument Phase 3 GA Program Expanded with Month 15 / 24 Dual Primary Endpoint Strategy and Launch of Open-Label Extension Study;"
- "Month 15 Primary Endpoint on Track for Q4 2026 POC Data for ANX1502, a First-in-Kind Oral C1 Inhibitor for Autoimmune Disease, Expected in Fall 2026 $200 Million Credit Facility Strengthens Balance Sheet and Capabilities;"
- "Anticipated Runway Extended into 2028 Company to Host Business Update Call Today at 8:00 a.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.28 | $-0.25 | −$0.03 | $0 | 6 |
| Next quarter (ends 2026-12-31) | $-0.27 | $-0.26 | −$0.01 | $0 | 6 |
| Current fiscal year (ends 2026-12-31) | $-1.05 | $-0.98 | −$0.08 | $0 | 6 |
| Next fiscal year (ends 2027-12-31) | $-1.07 | $-0.96 | −$0.11 | $35.3M | 6 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.28 | −$0.24 | Miss −16.7% | — |
| — | Quarter ended Mar 31, 2026 | −$0.23 | −$0.30 | Beat +23.3% | — |
| — | Quarter ended Dec 31, 2025 | −$0.28 | −$0.32 | Beat +12.5% | — |
| — | Quarter ended Sep 30, 2025 | −$0.37 | −$0.34 | Miss −8.8% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).