Jefferies Maintains Buy Rating on Annexon Biosciences with $10 Price Target

Jefferies analyst Andrew Tsai maintained a Buy rating on Annexon Biosciences with a $10 price target, citing the company's potential for growth. The analyst consensus is Strong Buy with a $11 price target, representing a 362% upside. Annexon Biosciences reported a quarterly GAAP net loss of $54.36 million.

Annexon Biosciences (NASDAQ: ANNX) reported its second quarter 2025 financial results, showing a GAAP net loss of $54.36 million. The company's earnings per share (EPS) of -$0.34 beat the consensus estimate of -$0.37. This smaller-than-expected loss was driven by increased research and development (R&D) expenses, which climbed 76.8% year over year (YOY) to $44.2 million, reflecting the advancement of the company's priority programs [2].

Despite the net loss, Annexon's cash position remains robust. As of June 30, 2025, the company held $227.0 million in cash, cash equivalents, and short-term investments, providing sufficient funding to support its clinical programs and late-stage development into the fourth quarter of 2026 [1][2].

Jefferies analyst Andrew Tsai maintained a Buy rating on Annexon Biosciences with a $10 price target, citing the company's potential for growth. The analyst consensus is Strong Buy with a $11 price target, representing a 362% upside [2].

Annexon's lead drug, tanruprubart (formerly ANX005), showed promising results in Phase 3 trials, with approximately 90% of patients showing improvement by week 1. The company plans to submit a Marketing Authorization Application to the European Medicines Agency in Q1 2026 and is working with the U.S. Food and Drug Administration to clarify requirements for a Biologics License Application [2].

Vonaprument (formerly ANX007), an antibody treatment for geographic atrophy in dry age-related macular degeneration, completed enrollment of 659 patients in the pivotal ARCHER II Phase 3 trial. The drug was selected for the European Medicines Agency PRIME program, which can help speed development for therapy candidates with the potential to address unmet medical needs. Topline results from ARCHER II are expected in the second half of 2026 [2].

The company's early-stage oral drug, ANX1502, exceeded target drug concentrations in fasted patients in a Phase 1 trial and is being tested for chronic autoimmune indications including cold agglutinin disease. An update from the ongoing proof-of-concept study is expected at year-end 2025 [2].

Overall, Annexon Biosciences' Q2 2025 results highlight significant progress in its clinical pipeline, but also a continued burn of cash as it invests in late-stage trials and regulatory submissions. Investors should monitor progress in regulatory submissions, clinical trial results, and pharmaceutical partnerships for future commercialization planning and funding needs.

References:
[1] https://seekingalpha.com/news/4485789-annexon-biosciences-gaap-eps-of-0_34-beats-by-0_03
[2] https://www.nasdaq.com/articles/annexon-narrows-loss-fiscal-q2