Annexon, Inc. (ANNX) Stock in Decline Despite of Positive Developments

Annexon, Inc. (ANNX), a clinical-stage biopharmaceutical company, has plunged 22.8% in aftermarket trading session. Consequently, the stock is trading at $8.5 at the time of the writing. On Tuesday, ANNX closed the day at $11.01 after sliding 7.79% during regular trading hours. The decline has come despite the announcement of positive interim phase 2 data.

ANNX Reports Interim Data

On Tuesday, ANNX announced the interim data from its ongoing and open-label phase 2 clinical trial of ANNX005. The trial was conducted in patients with Huntington’s disease who had competed for the treatment period of 24 weeks. The company is in the process of developing ANX005, which is perceived to be its leading monoclonal antibody candidate. ANNX005 would aid in the treatment of a range of complement-mediated disorders, Huntington Disease one among them.  

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Q3 2021 Operational Results

On 9th November, ANNXX released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company bore total operating expenses of . 6 million against $15.5 million for the same period of 2020. The net loss suffered by the company during the quarter stood at $35.59 million against the net loss of $15.63 million during the quarter. The net loss per basic and diluted share for the quarter stood at $0.93 against $0.77 for the same period of 2020.

Executive Commentary

Douglas Love, Esq., president and chief executive officer of ANNX, while commenting on the results said that during the quarter, the company had meaningful progress with its portfolio. The company is looking forward to sharing the continued progress across its portfolio as it is working to bring the treatment to the patients who are suffering from serious complement-meditated diseases.

Future Outlook for ANNX

During the last three months, ANNX stock has declined more than 40%, mostly owing to the uncertainty associated with drug candidates of the company, which brings forth negative sentiments. Looking ahead, the stock tends to attract huge volumes of investors. Hence, potential investors should keep a close eye on the performance of the stock.

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