Annexon price target lowered to $14 from $20 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Annexon (ANNX) to $14 from $20 and keeps a Buy rating on the shares. The firm reduced the stock’s multiple and increased its discount rates to better align with current investor sentiment, elevated cost of capital, and reduced appetite for early-stage clinical risk. Annexon announced that it is on track to meet with the FDA for tanruprubart around Q2, the analyst tells investors in a research note.