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Annexon Biosciences: Promising Pipeline and Strategic Developments Reinforce Buy Rating

Annexon Biosciences: Promising Pipeline and Strategic Developments Reinforce Buy Rating

Analyst Tazeen Ahmad of Bank of America Securities reiterated a Buy rating on Annexon Biosciences (ANNXResearch Report), reducing the price target to $9.00.

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Tazeen Ahmad has given his Buy rating due to a combination of factors that highlight the potential of Annexon Biosciences’ pipeline. The company’s lead candidate, tanruprubart (ANX005), is preparing for a biologics license application meeting with the FDA for its use in treating Guillain-Barre syndrome (GBS). The promising real-world evidence and additional analyses presented at a recent conference suggest that tanruprubart may offer superior benefits compared to the standard of care, which positions it as a potential game-changer in a market with no approved therapies.
Furthermore, while the geographic atrophy (GA) market may be smaller than initially expected due to new competitors, Annexon’s ANX007 has shown initial signs of functional benefit in earlier trials. If these results are confirmed in the ongoing phase 3 ARCHER II trial, it could differentiate ANX007 significantly in the market. Additionally, the company is advancing its oral C1s inhibitor, ANX1502, with proof-of-concept data expected in mid-2025, which could open new opportunities in autoimmune indications. These strategic developments contribute to the reiterated Buy rating with a price objective of $9.

In another report released on May 17, Jefferies also maintained a Buy rating on the stock with a $10.00 price target.

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