TD Cowen has maintained a Buy rating on shares of Annexon Biosciences (NASDAQ: ANNX), as the company commences dosing in a crucial Phase III trial for its drug candidate ANX007, targeting Geographic Atrophy (GA).
The study, known as ARCHER II, is anticipated to yield results in the second half of 2026, said an analyst from TD Cowen.
The endorsement from TD Cowen comes after the presentation of analyses from the Phase II ARCHER trial at the American Society of Retina Specialists (ASRS). These findings highlighted ANX007's potential in safeguarding photoreceptors (PR) and the retinal pigment epithelium (RPE), which are essential for maintaining visual function.
According to the analyst's statement, the data presented at ASRS bolsters the belief in the potential efficacy of ANX007 and its role in the treatment of GA. This confidence is reflected in the firm's continued recommendation to Buy Annexon Biosciences' stock.
The Phase III ARCHER II trial is a pivotal moment for Annexon Biosciences, as it seeks to establish ANX007 as a treatment option for GA, a chronic retinal condition. Successful outcomes from this trial could lead to commercialization and benefit patients with this degenerative eye disease.
Annexon recently reported positive results from its Phase 3 trial of drug candidate ANX005 for the treatment of Guillain-Barré syndrome. The 30 mg/kg dose demonstrated significant improvements, leading to early and sustained improvements in muscle strength and nerve damage. Despite the 75 mg/kg dose not achieving statistical significance on the primary endpoint, Wells Fargo analysts maintain confidence in the drug's approval prospects. They adjusted their stock target for Annexon from $10 to $14 while maintaining an Overweight rating.
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