Annexon Inc

ANNX is in a Stage 3 distribution phase, trading below its 9, 20, and 50 EMAs after failing to sustain rallies. Medium-term bias is bearish, favoring sells on rallies into the dynamic resistance zone around the short-term EMAs. Short-term rejection at the EMAs confirms immediate execution. Long-term trend remains up above the 200-day SMA but is at risk if price breaks decisively lower.

• ↑GBS FORWARD trial showed rapid, clinically meaningful responses; BLA filing targeted Q4 2026
• ↑Needham affirmed Buy rating and $25 price target after August trial announcement
• ↓Persistent negative profitability and earnings yield indicate weak financial viability