Shares of biopharmaceutical company Annexon (NASDAQ:ANNX) are tanking at the time of publishing today after it posted topline results from a Phase 2 study evaluating ANX007 for the treatment of geographic atrophy (GA).
Results from the 12-month study period indicated that patients (at monthly and every other-month treatment) were protected from vision loss. Nonetheless, the study did not achieve its primary endpoint with the rate of decrease in GA lesion growth not reaching statistical significance.
Next, Annexon plans to engage with health regulators to decide on the next path for the development of ANX007.
Overall, the Street has a $21.20 consensus price target on Annexon alongside a Strong Buy consensus rating. Short interest in the stock currently stands at about 7%.
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