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Annexon Inc (ANNX) fair value: what the stock is really worth

As of Sep 25, 2026: fair value of Annexon Inc $0.79, price $3.64, upside -78.3%, quality 35 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Healthcare · US · ISIN US03589W1027

AI Annexon Inc logo Thin data Sep 27, 2026

Annexon Inc

ANNX · US

Weakest SetupStrongly overvalued and low quality.

!Fair value $0.7905 · Strongly overvalued (−78.3%)
!Quality 35/100
!negative free cash flow
!Trails peers (2/7)
!Narrow moat 12/100
✓Insider activity 66/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

$23.94 $1.38 Fair Value $0.7905 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range $1.38 – $23.94 · fair‑value band $0.5185 – $0.9860 · the $3.64 price screens above the $0.7905 fair value. Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

Annexon, Inc., a clinical-stage biopharmaceutical company, discovers and develops medicines for treating inflammatory-related diseases.

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Annexon, Inc., a clinical-stage biopharmaceutical company, discovers and develops medicines for treating inflammatory-related diseases. The company provides Tanruprubart, an investigational full-length monoclonal antibody, which is in Phase 3 clinical trial for the treatment of patients with guillain-barré syndrome; completed Phase II clinical trial for treating Huntington's disease; and in Phase 2a clinical trial for the treatment of amyotrophic lateral sclerosis. It is also developing ANX007, an antigen-binding fragment (Fab) that is in Phase 3 program for the treatment of patients with geographic atrophy; and ANX1502, a novel oral small molecule inhibitor, which is in Phase 1 clinical trials for autoimmune indications. In addition, it develops ANX009, a C1q-blocking Fab that is in Phase I clinical trial for treating patients with lupus nephritis. The company was incorporated in 2011 and is headquartered in Brisbane, California.

Stock analysis

Annexon Inc (ANNX) currently trades at $3.64, while our model-based Fair Value estimate is $0.7905, implying the stock looks roughly 360.4% overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the evidence level at low.

Scenario range: $0.5185 (bear) to $0.9860 (bull), the price of $3.64 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 35/100 (below-average quality), in the Healthcare sector.

Annexon Inc reported revenue of $0 in FY2025 versus $0 in FY2021. Reported net income was −$207M in FY2025.

Key figures

Market cap $732M · EPS (TTM) $−1.13 · Return on equity −105% · Return on assets (EBIT) −53.4% · Free cash flow −$186M · Net cash $136M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).

What moves the price

The share trades about 48% below its 52-week high and 36% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at −78%, ANNX screens richer than that median.

Fair Value models

Bear $0.5185 Fair Value $0.7905 Bull $0.9860
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
NCAV (Graham) $0.5600 $0.7500 $1.12 51
All 1 models by family
Asset-Based
NCAV (Graham) $0.5600 $0.7500 $1.12 51

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Quality Score breakdown

Overall quality 35/100

Of which business quality 35 · Market factors (momentum, volatility) 33

Profitability 0
Margins and returns on capital today
Quality Growth 25
Are margins and returns improving?
Cashflow 27
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 23
Calm price path (market factor)
Momentum 35
Price trend over the last 3–12 months (market factor)
52W Momentum 44
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

Open the full quality analysis →

Revenue & earnings trend

What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

ANNX screens 360% overvalued. Compare with Vertex Pharmaceuticals Incorporated →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 649 stocks

Beats the industry median on 2/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 35 · Below median
Fair Value upside −78.3% · Bottom 25%
Profitability
Return on assets −51.5% · Bottom 25%
Operating margin (TTM) 0.0% · Above median
Growth and dividend
Revenue growth 0.0% · Above median

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 3.46× · Pricier than median

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Vertex Pharmaceuticals Incorporated VRTX $526.19 $578.81 +10%
Regeneron Pharmaceuticals, Inc REGN $788.04 $1,275 +62%
argenx SE ARGX $959.49 $918.60 −4%
CSL Limited CSL A$176.95 A$194.65 +10%
Samsung Biologics Co 207940 1,366,000 KRW 1,502,600 KRW +10%
BeOne Medicines AG ONC $360.85 $280.94 −22%
Alnylam Pharmaceuticals, Inc ALNY $255.96 $217.88 −15%
Royalty Pharma plc RPRX $58.21 $19.01 −67%
Celltrion, Inc 068270 177,400 KRW 74,519 KRW −58%
WuXi Biologics (Cayman) Inc 2269 HK$53.00 HK$58.30 +10%

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Annexon Inc · Fair Value
$0.7905 −360%Fair Value
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Cite: Fair Value Calculator (2026). "Annexon Inc Fair Value". https://www.fairvalue-calculator.com/stock/ANNX

Frequently asked questions

Is Annexon Inc (ANNX) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of $0.7905 versus a price of $3.64, about −78% upside (overvalued).
What is the fair value of ANNX?
Our model-based fair value for Annexon Inc is $0.7905 (as of Sep 27, 2026), built from audited fundamentals. The current price: $3.64.
What is the quality score of ANNX?
Annexon Inc has a Quality Score of 35/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Annexon Inc (ANNX)?
Our model-based price target is the fair value of $0.7905 (as of Sep 27, 2026) from 1 valuation models. Cautious scenario $0.5185, optimistic scenario $0.9860. It is a calculation from audited fundamentals, not an analyst target.
What is the Annexon Inc stock forecast for 2026?
Our models put fair value at $0.7905, about −78% upside versus a price of $3.64 (overvalued). Cautious scenario $0.5185, optimistic scenario $0.9860. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Annexon Inc (ANNX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Annexon Inc it is $0.7905 per share (as of Sep 27, 2026), against a price of $3.64. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Annexon Inc stock overvalued or undervalued in 2026?
As of Sep 27, 2026, ANNX trades above its calculated fair value: price $3.64, fair value $0.7905, a gap of about −78% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ANNX?
No. The price is what the market pays today ($3.64); the fair value is what the company's own numbers justify ($0.7905). For Annexon Inc the two are $2.85 per share apart. That gap is exactly why we show both numbers side by side.
How much is Annexon Inc worth?
The market values Annexon Inc at about $732M (market capitalisation, as of Sep 27, 2026). Per share that is $3.64; our models calculate a fair value of $0.7905 per share.
What do the bullish and bearish scenarios say about ANNX?
Our models span a range for Annexon Inc: cautious scenario $0.5185, base $0.7905, optimistic $0.9860 per share (as of Sep 27, 2026, price $3.64). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Annexon Inc (ANNX)?
Balance-sheet figures for Annexon Inc (as of Sep 27, 2026): return on equity −105.3%. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is ANNX from its 52-week high?
Annexon Inc trades at $3.64, about 48% below its 52-week high of $6.96 and 36% above the low of $2.68 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $0.7905 is for.
Which stocks are comparable to Annexon Inc?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, CSL Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Annexon Inc stock attractive at the current price?
The data as of Sep 27, 2026: price $3.64, calculated fair value $0.7905 (−78%), Quality Score 35/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ANNX calculated?
We run Annexon Inc through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $0.7905, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Annexon Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Annexon Inc (ANNX)?
The closing price on Sep 25, 2026 was $3.64. Our model-based fair value is $0.7905, about −78% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Annexon Inc right now?
The price sits above even our optimistic bull case ($0.9860). The favourable scenario is already priced in. Weak quality (35/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($0.5185 to $0.9860) leaves room in how you read the outcome.

Key figures of Annexon Inc

How large is the market capitalisation of Annexon Inc (ANNX)?
The market capitalisation of Annexon Inc is $732M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Annexon Inc (ANNX)?
Earnings per share at Annexon Inc are $−1.13. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Annexon Inc (ANNX)?
The return on equity (ROE) of Annexon Inc is −105% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Annexon Inc (ANNX)?
On an EBIT basis the return on assets of Annexon Inc is −53.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How much free cash flow does Annexon Inc (ANNX) generate?
The free cash flow of Annexon Inc is −$186M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Annexon Inc (ANNX) hold?
Annexon Inc holds more cash than debt, $136M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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