Annexon, Inc (ANNX) Stock Forecast & Price Target

Annexon is attractive because its first-in-class C1q platform targets the earliest step of the classical complement cascade, offering a differentiated mechanism that can suppress neuroinflammation while preserving the lectin and alternative pathways. The lead programs provide multiple near-term catalysts: tanruprubart has positive Phase 3 GBS data and a BLA submission expected this year, while vonaprument’s 659-patient ARCHER II readout in 4Q26 could validate a vision-preservation strategy in geographic atrophy. Fundamentally, the company’s clinical signals, concentrated hospital and ophthalmology markets, and sizable modeled franchises support meaningful upside, with GBS alone estimated at about $2.7B EV and GA at $3,133M EV on risk-adjusted assumptions.

Annexon is viewed negatively because its lead asset vonaprument already missed the Phase 2 ARCHER primary endpoint for GA lesion growth, and the remaining vision-preservation signal may not translate in the larger Phase 3 ARCHER II despite design changes. The bearish case is reinforced by a tough competitive backdrop from approved GA therapies Izervay and Syfovre, a lack of commercial infrastructure, and the company’s ongoing net losses, which may force additional capital raises that could dilute shareholders. Although it ended 1Q26 with $225M in cash and runway into 2H27, the expected 4Q26 readout risks driving shares near or below cash if the trial misses, while upstream C1q inhibition itself has shown limited confidence versus established downstream blockade.