Annexon (ANNX)
Develops C1q-targeted therapies for complement-mediated diseases of the body, eye, and brain.
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Develops late-stage therapies built around C1q and classical-complement inhibition for neuroinflammatory diseases across the body, eye, and brain. Commercial revenue depends on clinical success and regulatory approval because no product is approved for commercial sale.
Built around C1q biology, the pipeline centers on tanruprubart for Guillain-Barre syndrome, vonaprument for geographic atrophy, and ANX1502 for autoimmune indications. Each program targets C1q or the classical complement pathway across body, eye, and brain disorders.
Corporate headquarters are in Brisbane, California; filings also identify an Australian subsidiary, while the business remains organized as a single research-and-development segment. Execution depends on clinical development and regulatory review rather than commercial scale.
The current regulatory path runs through tanruprubart's EMA filing and FDA discussions, vonaprument pivotal data, and ANX1502 proof-of-concept work. No product is approved for commercial sale, and product-candidate sales revenue has not been generated.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 13, 2026 | Citigroup | Upgrade | ||
| Aug 13, 2026 | Citizens | Upgrade | ||
| Jul 21, 2026 | Citigroup | Initiate | Rating: — | |
| Jul 20, 2026 | H.C. Wainwright | Reiterate | Rating: —Target: — | Target: $14 |
| May 12, 2026 | Goldman Sachs | Target | Target: — | Target: $7 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $209.2M · Total debt $24.7M · Total assets $246.1M · Shareholders' equity $186.1M
- Revenue
- $0
- Operating income
- −$57.2M
- Net income
- −$55.3M
No dividends on record.
| Institutions | ≈ 174.19% | 356.13M shares | |
|---|---|---|---|
| 228 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 6.05% | 12.36M shares | |
| 9 holders · as of Jun 15, 2026 | |||
| Adds to | 180.24% | ||
204.44M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (204.44M in the company's Sep 22, 2026 report, 163.84M elsewhere); stakes use the report.
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 180.24%; nothing is left for Other.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
FMR LLCInstitution | 19.09% | 19.52M · 19.52M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 13.25% | 13.54M · 13.54M | as of Jun 30, 2026 |
Redmile Group, LLCInstitution | 11.61% | 11.87M · 11.87M | as of Jun 30, 2026 |
State Street CorpInstitution | 9.61% | 9.82M · 9.82M | as of Jun 30, 2026 |
BVF Inc/ILInstitution | 8.51% | 8.70M · 8.70M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 28, 2026 | Muneer A. Satter | director | +613,497 | $5.41 |
| May 11, 2026 | William H. Carson | director | +8,000 | $5.78 |
| Apr 10, 2026 | William H. Carson | director | +8,000 | $6.20 |
| Mar 10, 2026 | William H. Carson | director | +8,000 | $5.67 |
| Mar 2, 2026 | Jennifer Lew | officer: EVP & CHIEF FINANCIAL OFFICER | −5,565 | $5.42 |
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Established rare-neurology complement franchise
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Annexon | $4.23 | +0.12% | $691.4M | — | — | — | — |
| Dianthus Therapeutics | $98.40 | +2.00% | $5.40B | — | — | 2,834.0 | +294.3% |
| argenx (ADR) | $974.33 | −1.40% | $61.45B | 37.7 | — | 10.2 | +197.0% |
| AstraZeneca (ADR) | $168.47 | +0.22% | $260.70B | 25.2 | 15.8 | 4.2 | +6.4% |
| Median | 31.5 | 15.8 | 10.2 | +197.0% |