Published on 1 Apr 2024 on Zacks via Yahoo Finance

Wall Street Analysts Believe Annexon (ANNX) Could Rally 101.12%: Here's is How to Trade

Shares of Annexon, Inc. (ANNX) have gained 20.1% over the past four weeks to close the last trading session at $7.17, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $14.42 indicates a potential upside of 101.1%.

The mean estimate comprises six short-term price targets with a standard deviation of $8.04. While the lowest estimate of $8.50 indicates an 18.6% increase from the current price level, the most optimistic analyst expects the stock to surge 318.4% to reach $30. It's very important to note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.

While the consensus price target is highly sought after by investors, the ability and unbiasedness of analysts in setting price targets have long been questionable. And investors making investment decisions solely based on this tool would arguably do themselves a disservice.