Annexon initiated with a Buy at Clear Street

Clear Street initiated coverage of Annexon (ANNX) with a Buy rating and $17 price target In Phase 2 study, data from the company’s lead asset vonaprument for geographic atrophy, GA, showed vision sparing, a critical differentiator the class, and the firm believes that strong pivotal data in the second half would provide key clinical de-risking and access to a large and growing market, the analyst tells investors in a research note. Investor pessimism around complement inhibitors for GA is contradicted by vonaprument’s strong Phase 2 data, presenting a buying opportunity, Clear Street added.