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

As of Nov 11, 2026: fair value (intrinsic value) of Annexon Inc stock $2.80, price $4.19, that is 33.2% below the price, quality 35 out of 100. Rating: overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Healthcare US · ISIN US03589W1027

AI Annexon Inc logo Thin data Nov 12, 2026

Annexon Inc

ANNX · US
Expensive, weak quality

Our calculation puts a fair price 33% below what the stock costs today.

Insiders bought $3.4M (6M)
Fair value $2.80 · Overvalued
Quality 35/100
Negative free cash flow
Trails peers (2/7)
Narrow moat 12/100
Thin data
Estimate
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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

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$22.34 $1.38 Fair Value $2.80 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 12, 2026.

How to read this chart

60‑month range $1.38 – $22.34 · fair‑value band $2.10 – $3.49 · the $4.19 price screens above the $2.80 fair value. As of Nov 12, 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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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 $4.19, while our estimate is $2.80, 33% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: $2.10 (bear) to $3.49 (bull), the price of $4.19 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 $842M Small · EPS (TTM) $−1.01 · Return on equity −131% · Return on assets (EBIT) −53.4% (5-year average) · Free cash flow −$186M · Net cash $136M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (medium confidence).

What moves the price

The share trades about 40% below its 52-week high and 56% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −7% fair-value upside, at −33%, ANNX screens richer than that median.

Fair Value

Bear $2.10 Fair Value $2.80 Bull $3.49
Price $4.19 · Downside -33.2%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 35/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 25
Are margins and returns getting better?
Cashflow 27
Do the profits arrive as real cash?
Financial strength 75
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 14
How calm the share price moves, does not count
Price momentum 34
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 57
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, 2 officers or directors bought shares worth $3.4M, most recently on Sep 24, 2026. Buying cluster

  • BuyDouglas LovePRESIDENT AND CEO, Director26,065 shares at $3.83$99,829Sep 24, 2026
  • BuyMuneer A SatterDirector3× since Nov 17, 2025: 2,936,110 shares, avg. $4.08$12.0MMay 28, 2026
  • BuyWilliam H. CarsonDirector5× since Dec 1, 2025: 32,230 shares, avg. $5.59$180,251May 11, 202610b5-1 plan
  • SaleJennifer LewEVP & CHIEF FINANCIAL OFFICER2× since Feb 18, 2026: 13,416 shares, avg. $5.24$70,281Mar 2, 2026
  • SaleJamie DananbergCHIEF MEDICAL OFFICER2× since Feb 18, 2026: 11,110 shares, avg. $5.27$58,582Mar 2, 2026
  • SaleMichael OverdorfEVP & CHIEF BUSINESS OFFICER2× since Feb 18, 2026: 10,564 shares, avg. $5.23$55,265Mar 2, 2026
  • SaleTed YednockEVP & CHIEF INNOVATION OFFICER2× since Feb 18, 2026: 13,423 shares, avg. $5.24$70,317Mar 2, 2026
  • SaleDean Richard ArtisEVP & CHIEF SCIENTIFIC OFFICER2× since Feb 18, 2026: 11,184 shares, avg. $5.27$58,983Mar 2, 2026
  • BuyJung ChoiDirector33,000 shares at $4.19$138,270Dec 1, 2025

Plus one other filing such as a grant, option exercise or tax withholding. It is not a market purchase or sale.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 10, 2026. All filings at the SEC ↗

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 overvalued: fair value 33% below the price. 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 · 848 stocks

Beats the industry median on 2/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 35 · Below median
Fair Value upside −33.2% · Below median
Profitability
Return on assets −74.5% · Bottom 25%
Operating margin (12 months) 0.0% · Above median
Growth and dividend
Revenue growth (quarter YoY) 0.0% · Above median

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 3.98× · 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 Compare
Regeneron Pharmaceuticals, Inc REGN $959.41 $1,275 +33% vs ANNX
Vertex Pharmaceuticals Incorporated VRTX $547.03 $602.68 +10% vs ANNX
Samsung Biologics Co 207940 1,430,000 KRW 1,573,000 KRW +10% vs ANNX
Genmab A/S GMAB kr 3,561 kr 3,880 +9% vs ANNX
argenx SE ARGX $977.58 $908.40 −7% vs ANNX
CSL Limited CSL A$204.54 A$181.40 −11% vs ANNX
Moderna, Inc MRNA $248.69 $158.70 −36% vs ANNX
BeOne Medicines AG 6160 HK$251.80 HK$152.80 −39% vs ANNX
Celltrion, Inc 068270 207,000 KRW 74,945 KRW −64% vs ANNX
Royalty Pharma plc RPRX $70.01 $19.01 −73% vs ANNX

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Annexon Inc: fair value per Fair Value Calculator

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 Nov 12, 2026, our estimate of fair value is $2.80 versus a price of $4.19, about 33% lower (overvalued).
What is the fair value of ANNX?
Our estimate for Annexon Inc is $2.80 (as of Nov 12, 2026), built from audited fundamentals. The current price: $4.19.
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 calculated price target is the estimate of $2.80 (as of Nov 12, 2026). Cautious scenario $2.10, optimistic scenario $3.49. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Annexon Inc stock forecast for 2026?
Our estimate puts fair value at $2.80, about 33% lower versus a price of $4.19 (overvalued). Cautious scenario $2.10, optimistic scenario $3.49. 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 $2.80 per share (as of Nov 12, 2026), against a price of $4.19.
Is Annexon Inc stock overvalued or undervalued in 2026?
As of Nov 12, 2026, ANNX trades above its calculated fair value: price $4.19, fair value $2.80, a gap of about −33% (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 ($4.19); the fair value is what the company's own numbers justify ($2.80). For Annexon Inc the two are $1.39 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 $842M (market capitalisation, as of Nov 12, 2026). Per share that is $4.19; our models calculate a fair value of $2.80 per share.
What do the bullish and bearish scenarios say about ANNX?
Our models span a range for Annexon Inc: cautious scenario $2.10, base $2.80, optimistic $3.49 per share (as of Nov 12, 2026, price $4.19). 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 Nov 12, 2026): return on equity −130.8%. 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 $4.19, about 40% below its 52-week high of $6.96 and 56% above the low of $2.68 (as of Nov 11, 2026). Distance from the high says nothing about value: that is what the fair value of $2.80 is for.
Which stocks are comparable to Annexon Inc?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Moderna, Inc, Regeneron Pharmaceuticals, Inc, 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 Nov 12, 2026: price $4.19, calculated fair value $2.80 (−33%), Quality Score 35/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0% 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 Nov 11, 2026 was $4.19. Our estimate is $2.80, about 33% lower (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 ($3.49). 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.

Key figures of Annexon Inc

How large is the market capitalisation of Annexon Inc (ANNX)?
The market capitalisation of Annexon Inc is $842M. 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 $−1.01. 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 −131% (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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