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.

• ↑90% response rate at week 1 in FORWARD GBS trial underpins efficacy case.
• ↑ARCHER II enrollment boost and added month 24 endpoint could drive blockbuster status.
• ↓FDA approval risk remains with pending month 24 Phase III data for GBS and GA.