ANNX
Annexon, Inc.Healthcare·Biotechnology
$5.42
$648M market cap
Revenue
$0.0M
Free Cash Flow
$-92.7M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Annexon, Inc., a clinical-stage biopharmaceutical company, discovers and develops therapeutics for autoimmune, neurodegenerative, and ophthalmic disorders. The company's C1q is an initiating molecule of the classical complement pathway that targets distinct disease processes, such as antibody-mediated autoimmune disease and complement-mediated neurodegeneration. Its product candidates include ANX005, a monoclonal antibody, which is in Phase II/III clinical trials to treat patients with guillain-
2-Year Price History
$5.31+9.9%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.0 | -45.1 | -46.1 | -44.1 | -46.8 | -46.8 | -0.0 | 225.0 | 25.4 | 194.2 | -214.1% | -- | -- |
| Act | 2025-Q4 | 0.0 | -49.3 | -50.3 | -48.3 | -45.9 | -45.9 | -0.0 | 238.3 | 26.2 | 155.1 | -211.7% | -- | -- |
Valuation & Metrics
Market Stats
Price$5.42
Market Cap$648M
Enterprise Value$449M
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)0.0%
FCF Yield-14.3%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$-92.4M
Free Cash Flow$-92.7M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-212.9%
WC Change % Rev0.0%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares23.4M
Days to Cover10.9
Change (vs Prior)+19.1%
Need at least 2 settlement dates for chart
Employees
Headcount106
Revenue / Employee$0
Gross Profit / Employee$-17,943
Cash Runway
29.1months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
108.2%(+84.1% YoY)
198 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
27.8%(+21.7% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
0.6%(+0.4% YoY)
7 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Redmile Group, LLC | $80.6M | $5.10 | +$24.9M | +$45.7M | -5.8% | $1.51B |
| BlackRock, Inc.Passive | $60.6M | $5.70 | +$11.0M | +$13.4M | -0.2% | $5.69T |
| FMR LLC | $58.9M | $4.41 | +$2.3M | −$14.6M | -0.0% | $1.89T |
| BVF INC/IL | $48.2M | $4.33 | −$2.4M | +$9.4M | -0.3% | $3.14B |
| STATE STREET CORPPassive | $38.3M | $5.30 | +$12.6M | +$27.0M | -0.2% | $2.89T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $33.0M | $5.54 | +$33.0M | +$33.0M | — | $4.04T |
| Bain Capital Life Sciences Investors, LLC | $28.9M | $4.95 | −$202K | −$202K | -0.1% | $1.11B |
| Bellevue Group AG | $28.6M | $5.86 | +$0 | +$0 | -4.3% | $4.20B |
| MAK CAPITAL ONE LLC | $26.2M | $5.21 | +$9.8M | +$26.2M | +0.5% | $593M |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $23.8M | $5.21 | −$6.6M | +$23.8M | -0.1% | $64.61B |
| BANK OF AMERICA CORP /DE/ | $23.6M | $4.42 | +$14.7M | +$17.8M | -0.1% | $1.36T |
| Nuveen, LLC | $23.5M | $4.74 | +$7.4M | +$21.6M | +0.0% | $368.63B |
| Siren, L.L.C. | $21.9M | $5.54 | +$21.9M | +$21.9M | +6.1% | $3.61B |
| BALYASNY ASSET MANAGEMENT LLC | $21.5M | $4.42 | +$3.3M | +$21.0M | -0.4% | $48.01B |
| AMERIPRISE FINANCIAL INC | $19.1M | $3.45 | −$5.0M | −$3.0M | -0.1% | $430.96B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $18.7M | $5.12 | +$2.6M | +$6.3M | +2.3% | $1.61T |
| Qube Research & Technologies Ltd | $17.3M | $4.76 | +$4.1M | +$13.2M | +0.3% | $70.36B |
| Palo Alto Investors LP | $16.3M | $5.12 | +$3.1M | +$16.3M | -3.0% | $586M |
| MORGAN STANLEY | $15.2M | $4.10 | −$666K | +$11.3M | -0.3% | $1.65T |
| GREAT POINT PARTNERS LLC | $13.8M | $5.54 | +$13.8M | +$13.8M | -4.5% | $408M |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.93%
avg per quarter
Holders (ex-self)
-0.94%
excl. this stock
Buyers (this Q)
-0.70%
139 buyers · $0.27B in
Sellers (this Q)
-0.31%
61 sellers · $0.07B out
alpha coverage: 95% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-7.3%
how holders react when this stock falls
On quiet Qs
+11.6%
−10% to +10% baseline
On rallies (+10%+)
-5.3%
how they react when this stock rises
Holders' portfolio flow this Q
+2.6%
inflows — adds are organic
Sellers' portfolio flow this Q
+27.8%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-5.9%
Holder mid (any stock)
-4.8%
Holder rally (any stock)
-7.4%
Biggest decreases this quarter
Woodline Partners LP−$9.2Mα-0.1ADAGE CAPITAL PARTNERS GP, L.L.C.−$6.6Mα-0.1SPHERA FUNDS MANAGEMENT LTD.exited−$6.6MAMERIPRISE FINANCIAL INC−$5.0Mα-0.1BVF INC/IL−$2.4Mα-0.3SummitTX Capital, L.P.exited−$2.2MOpaleye Management Inc.−$1.5Mα+0.9MORGAN STANLEY−$666Kα-0.3Jump Financial, LLCexited−$617KCaption Management, LLCexited−$600K
New buyers this quarter
Top-5 holders · 33.2%
Redmile Group, LLC--
BlackRock, Inc.--
FMR LLC--
BVF INC/IL--
STATE STREET CORP--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Redmile Group, LLC14.5MFMR LLC10.6MBain Capital Life Sciences Investors, LLC5.2MBlackstone Group L.P.—NEA Management Company, LLC—EVENTIDE ASSET MANAGEMENT, LLC—Alerce Investment Management, L.P.—BVF INC/IL8.7MFEDERATED HERMES, INC.753CITADEL ADVISORS LLC600K
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Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$7.002920.0%
Last Year (2 analysts)$11.5011220.0%
Current Price$5.42
Analyst Ratings
10
Buy: 10Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$9.03M
16 txns · 3 insiders · 2,408,418 sh
Sells ($, 12mo)
$321K
13 txns · 5 insiders · 62,783 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-11 | BUY | Carson William H. | director | 8,000 | $5.78 | $46K | $453K |
| 2026-04-10 | BUY | Carson William H. | director | 8,000 | $6.20 | $50K | $437K |
| 2026-03-10 | BUY | Carson William H. | director | 8,000 | $5.67 | $45K | $354K |
| 2026-03-02 | SELL | ARTIS DEAN RICHARD | officer: EVP & CHIEF SCIENTIFIC OFFICER | 5,894 | $5.43 | $32K | $978K |
| 2026-03-02 | SELL | Dananberg Jamie | officer: CHIEF MEDICAL OFFICER | 5,820 | $5.43 | $32K | $671K |
| 2026-03-02 | SELL | Lew Jennifer | officer: EVP & CHIEF FINANCIAL OFFICER | 5,565 | $5.42 | $30K | $925K |
| 2026-03-02 | SELL | Overdorf Michael | officer: EVP & CHIEF BUSINESS OFFICER | 4,339 | $5.42 | $24K | $990K |
| 2026-03-02 | SELL | Yednock Ted | officer: EVP & CHIEF INNOVATION OFFICER | 5,566 | $5.42 | $30K | $836K |
| 2026-02-18 | SELL | ARTIS DEAN RICHARD | officer: EVP & CHIEF SCIENTIFIC OFFICER | 5,290 | $5.10 | $27K | $630K |
| 2026-02-18 | SELL | Dananberg Jamie | officer: CHIEF MEDICAL OFFICER | 5,290 | $5.10 | $27K | $373K |
| 2026-02-18 | SELL | Lew Jennifer | officer: EVP & CHIEF FINANCIAL OFFICER | 7,851 | $5.11 | $40K | $581K |
| 2026-02-18 | SELL | Overdorf Michael | officer: EVP & CHIEF BUSINESS OFFICER | 6,225 | $5.10 | $32K | $635K |
| 2026-02-18 | SELL | Yednock Ted | officer: EVP & CHIEF INNOVATION OFFICER | 7,857 | $5.11 | $40K | $497K |
| 2025-12-30 | BUY | Carson William H. | director | 4,115 | $5.02 | $21K | $273K |
| 2025-12-01 | BUY | Choi Jung | director | 33,000 | $4.19 | $138K | $138K |
| 2025-12-01 | BUY | Carson William H. | director | 4,115 | $4.47 | $18K | $225K |
| 2025-11-21 | BUY | Satter Muneer A | director | 422,613 | $4.28 | $1.81M | $41.64M |
| 2025-11-20 | BUY | Satter Muneer A | director | 400,000 | $4.48 | $1.79M | $41.69M |
| 2025-11-19 | BUY | Satter Muneer A | director | 500,000 | $3.94 | $1.97M | $35.09M |
| 2025-11-18 | BUY | Satter Muneer A | director | 500,000 | $3.18 | $1.59M | $26.73M |
Order Flow (FINRA, ~3w lag)
14.6%retail-5.0pp
29.6%dark-0.1pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Annexon, Inc.: Accelerating Burn Meets Governance Red Flags and Massive Overhang
Overall Risk
7/10
Fraud
3/10
Dilution
9/10
Insolvency
6/10
Earnings Overstated
2/10
Hidden Liabilities
4/10
Legal
3/10
Audit Warnings
5/10
Hidden Upside
2/10
Contextually Acceptable
6/10