Annexon falls as brokerages cut PT after eye disease therapy fails mid-stage trial

Annexon

25/05/2023 15:33

(Updates)
    ** Shares of drug developer Annexon Inc  ANNX.O  fall 58% to
more than a year low of $2.17, top pct losers across U.S.
exchanges
    ** Stock set for its biggest pct. fall ever, if losses hold
        ** Top loser on Nasdaq composite index  .IXIC 
  
    ** Co said its eye disease therapy ANX007 to treat
geographic atrophy (GA) failed in mid-stage trial as main goal
of reduction in rate of lesion growth did not reach statistical
significance
    ** However, results showed that patients treated monthly and
every-other-month with ANX007 were protected against vision loss
    ** At least two brokerages cut PTs on co; BTIG cuts PT to $7
from $15
     **  J.P. Morgan trims PT to $9 from $19, downgrades to
neutral from overweight
    ** J.P. Morgan adds that its drug ANX005 for rare
neurological disorder Guillain-Barre Syndrome has the highest
probability of success in the mid- to late-stage pipeline
    ** H.C. Wainwright says while it is disappointing that the
trial did not meet the main goal, the trial data is quite
intriguing
    ** If the data is replicated in late-stage trial, it might
lead to approval of ANX007 as a complementary drug to the
already approved drugs in GA - H.C. Wainwright
    ** Stock down ~57% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))