Jul. 21 at 8:08 PM
Wells Fargo named Annexon its top biotechnology pick, citing a favorable risk-reward profile with potential 7-8x upside in its bull case. The firm expressed increased confidence following meetings with management, highlighting vonaprument's Phase 3 data readout expected in Q4 2026 for geographic atrophy and a potential near-term catalyst from the planned Biologics License Application (BLA) filing for tanruprubart in Guillain-Barré syndrome.
Wells Fargo believes vonaprument could become the standard of care in geographic atrophy if Phase 3 results demonstrate improved visual acuity, with estimated peak sales of approximately
$4 billion. Management also remains confident in tanruprubart's FORWARD study data, expected in early fall, following constructive discussions with the FDA.
$ANNX