search icon
      blog search icon

      What Caused An After-Hour Shift In Annexon (ANNX) Stock?

      By Fahim Awan

      Published on

      December 29, 2023

      9:15 AM UTC

      What Caused An After-Hour Shift In Annexon (ANNX) Stock?

      Annexon, Inc. (NASDAQ: ANNX) witnessed an upward trajectory in its stock performance during the after-market session on Thursday, culminating in a notable 5.91% surge in its stock price, reaching $4.84. In contrast, the regular trading session saw Annexon stock experiencing a 1.30% decline, concluding at $4.57. This positive shift in ANNX stock value is attributed to its involvement in a significant event and recent corporate advancements.

      According to the release from Annexon (ANNX), President and CEO Douglas Love will be giving a presentation at a forthcoming major event. The 42nd Annual J.P. Morgan Healthcare Conference is set to take place in San Francisco on Wednesday, January 10, 2024, at 2:15 p.m. PT. The CEO of ANNX will be attending the event. The presentation will be streamed live online and available via the ‘Events & Presentations’ section of Annexon’s official website for investors.

      In a calculated move, ANNX revealed the terms of its underwritten public offering, which included pre-funded warrants to purchase 18,379,861 shares of common stock in addition to 25,035,000 shares of common stock. The common stock shares are being offered at $2.88 per share, while the pre-funded warrants are priced at $2.879 per share. The anticipated total gross proceeds for Annexon from this offering are approximately $125.0 million, before customary deductions.

      Furthermore, ANNX recently outlined its comprehensive global registrational program for ANX007, a groundbreaking C1q and classical complement inhibitor designed for patients with geographic atrophy (GA). Annexon has secured alignment with the U.S. Food and Drug Administration (FDA) for a Phase 3 registration program. This program encompasses the prevention of loss of best-corrected visual acuity (BCVA) as the primary outcome measure.

      Additionally, a comparative analysis of ANX007 against an injection agent will be conducted, aligning with trial requests within the ophthalmic domain. Importantly, the FDA has not mandated Annexon to investigate the deceleration of lesion growth, as typically assessed by fundus autofluorescence (FAF), an anatomical endpoint employed in the approval processes of other GA programs.

      More From Stocks telegraph