Annexon Biosciences (ANNX) PT Lowered to $20 at H.C. Wainwright

H.C. Wainwright analyst Andrew Fein lowered the price target on Annexon Biosciences (NASDAQ: ANNX) to $20.00 (from $30.00) while maintaining a Buy rating.

The analyst commented: "ANX1502 for the cold agglutinin disease (CAD) currently in an open-label single arm, POC study is scheduled to readout in mid-2025 for dataset in up to seven patients. We think that the positive SAD MAD data from the ANX1502’s Phase 1 program has expanded the platform’s potential for complement mediated diseases, which was so far limited to its monoclonal antibody against C1q. So far, the data suggests that the small molecule is safe, and well tolerated, with its potential to lower the C4d levels higher than the median baseline C4d serum levels in healthy volunteers, allowing ANX1502 to potentially compete with the only approved drug sutimlimab, which is a humanized monoclonal antibody against C1s in a classical complement pathway. Given that the Annexon is going to share key clinical and biomarker outcomes from the study, we note that the CARDINAL (sutimlimab Phase 3) study showed that all sixteen patients in the sutimlimab arm showed an increase in hemoglobin levels of ≥2.0 g/dL from baseline, compared to the placebo (Roth et al., Blood, 2022). For bilirubin, mean change from baseline bilirubin was −22.1 µmol/L (2.5) in the sutimlimab arm and −1.8 µmol/L (3.3) in the placebo arm. Importantly, near 88% of patients in the sutimlimab arm had normal bilirubin level at the treatment assessment timepoint. Therefore, we think if ANX1502 can achieve nearly 2 g/dL hemoglobin from the baseline, and show normalized bilirubin in the majority of the patients, it might be encouraging for the ‘1502 program. Given the pipeline progress we revaluated our opex assumption going forward and also reevaluated our US and EU penetration assumptions for the GBS program which reduced our PT from $30 to $20."

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